Bass Pro Shops and Cabela’s (NYSE:CAB) put the finishing touches on their merger Monday, announcing the completion of a $4.2 billion deal to combine the two outdoor retailers.
Springfield, Missouri-based Bass Pro, which also owns boat maker White River Marine Group and outdoor-themed resorts, has said it will continue to run Cabela’s as a standalone brand.
“We are excited to unite these iconic American brands to better serve our loyal customers and fellow outdoor enthusiasts,” Bass Pro founder and CEO Johnny Morris said. “As we move forward, we are committed to retaining everything customers love about both Bass Pro Shops and Cabela’s by creating a ‘best-of-the-best’ experience that includes the superior products, outstanding customer service and exceptional value our customers have come to expect. We’re also deeply motivated by the potential to significantly advance key conservation initiatives.”
The companies first announced in October 2016 that Bass Pro would acquire the publicly traded Cabela’s, which has seen a decline in sales amid broader struggles in the retail industry. After initial hiccups to the agreement, Bass Pro and Cabela’s agreed to a lower sale price of $61.50 a share and arranged to split Cabela’s banking unit. Synovus Capital (NYSE:SNV) reached a deal to buy the assets and deposits of World’s Foremost Bank, while Capital One (NYSE:COF) is buying the credit card business.
The Federal Trade Commission approved the deal in July, indicating there were no antitrust concerns. The Federal Reserved gave its go-ahead earlier this month by approving the sale of World’s Foremost Bank.