(WHTM) – Outdoor retailers Bass Pro Shops and Cabela’s are joining forces. Bass Pro Shops announced Monday it will buy Cabela’s in a deal worth $5.5 billion.
Bass Pro Shops will acquire Cabela’s for $65.60 per share in cash.
According to a news release announcing the purchase, the driving forces behind the merger are similar business philosophies, product offerings, and geographic footprints of the two businesses.
Officials with Bass Pro Shops said they plan to grow Cabela’s brand following the closing of the transaction.
Bass Pro Shops founder and CEO Johnny Morris will continue as CEO and majority shareholder of the new entity.
Cabela’s was founded in 1961. It currently operates 85 retail stores in the U.S. and Canada, including one in Hamburg, Pa.
Bass Pro Shops was founded in 1972. It operates 99 stores in the U.S. and Canada, including one in Harrisburg.