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US: Federal Reserve OKs Key Cabela’s divestiture

 |  September 7, 2017

The roughly US$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, September 7, it approved the sale of the credit card business to the Georgia-based bank Synovus, which will keep US$1.2 billion in deposits but resell the business to Capital One.

That should clear the way for Bass Pro to pay US$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, Nebraska, will remain afterward.

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