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 Oct. 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.
Privately held Bass Pro is based in Springfield, Missouri.