class="post-template-default single single-post postid-258144 single-format-standard custom-background group-blog header-image full-width singular wpb-js-composer js-comp-ver-5.2.1 vc_responsive"

Banking regulators sign off on Cabela’s sale to Bass Pro

Banking regulators sign off on Cabela’s sale to Bass Pro

The roughly $4 billion sale of outdoor outfitter Cabela’s to rival Bass Pro Shops appears ready to close after regulators approved the
sale of Cabela’s credit card unit.

The Federal Reserve said Wednesday it approved the sale of the credit card business to the Georgia-based bank Synovus, which will keep $1.2 billion in deposits but resell the business to Capital One.

That should clear the way for Bass Pro to pay $61.50 per share to acquire Cabela’s. Shareholders and the Federal Trade Commission already signed off on the deal.

The deal is expected to close before its October 3 deadline. It’s not clear how many of the roughly 2,000 jobs based in Cabela’s hometown of Sidney will remain afterward.

Privately held Bass Pro is based in Springfield, Missouri.

© 2017 Nebraska Rural Radio Association. All rights reserved. Republishing, rebroadcasting, rewriting, redistributing prohibited. Copyright Information