Bass Pro completes $5 billion acquisition of Cabela's

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Sidney, Neb. - Bass Pro Shops' roughly $5 billion acquisition of rival outdoor retailer Cabela's is complete.

Monday's closing announcement didn't address how many of the roughly 2,000 Cabela's jobs will remain in Sidney, Nebraska. Bass Pro has said it expects to keep some operations in Sidney, but it is expected to consolidate redundant headquarters jobs in Springfield, Missouri.

“We look forward to growing and celebrating conservation as we work to provide our combined customer base with enhanced product offerings, unique outdoor experiences and unrivaled services,” Johnny Morris, founder and CEO of Bass Pro Shops, said Monday.

The newly combined company stated their goal is to celebrate both the Bass Pro Shops and Cabela’s brands while building on the rich history of both companies.

“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,” Morris said, “that includes the superior products, outstanding customer service and exceptional value our customers have come to expect.”

As part of the deal, Cabela's credit-card unit will be sold to Synovus bank. Synovous will act as a middleman and keep $1.2 billion in deposits before reselling the credit card business to Capital One.

For those wondering, Customers can exchange a Bass Pro Shops gift card to a Cabela’s gift card for an equal amount and vice versa.

Morris has previously said, "Cabela's is a great American success story. Dick, Mary and Jim Cabela started the company at the family kitchen table when Dick decided to place an ad to sell fishing flies. From that humble start, the Cabela's family, along with a remarkable team of "outfitters" has grown to become one of the premier specialty retail companies."