What has been a looming possibilty since April has taken a giant leap forward as Bass Pro Shops moves to acquire outdoor retailer Cabela’s for a tidy sum of $5.5 billion.
The two outdoor sporting giants are slated to close the deal in early 2017. The deals was unanimously approved by Cabela’s board of directors, but it’s still subject to approval by Cabela’s shareholders and other closing conditions. Cabla’s has seen a 1.3% drop in sales in the first half of 2016, and saw the merger as a salve for what they claim is a drop in demand for clothing and footwear.
Johnny Morris, billionaire CEO of the privately held Bass Pro Shop, will remain the CEO of the new outdoor retail juggernaut.
Find out more details in the full press release below: