Bank signs off on Cabela’s sale
WHEELING — 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 acquire Cabela’s. Shareholders and the Federal Trade Commission already signed off on the deal.
Ohio County officials previously said they don’t expect a potential sale of Cabela’s to Bass Pro would negatively impact the outdoor retailer’s location at the Highlands, which has anchored the county-owned development since opening on Aug. 12, 2004.
Between its retail store and national distribution center, also located at the Highlands, Cabela’s supports more than 1,000 jobs locally and is among West Virginia’s top 100 employers. It also operates a store in Charleston.
The latest deal calls for Bass Pro to pay $61.50 per share to acquire Cabela’s.
On Wednesday, Cabela’s stock closed at $53.40 per share. Over the last year, Cabela’s stock has fluctuated between a high of $63.38 per share on Oct. 5 — just two days after the sale to Bass Pro was announced — to a low of $45.12 per share on Feb. 17.
The deal is expected to close before its Oct. 3 deadline. It’s not clear how many of the roughly 2,000 jobs based in Cabela’s hometown of Sidney, Neb., will remain afterward.
Privately held Bass Pro is based in Springfield, Mo.