Bass Pro Shop to buy competitor Cabela's - WAFF-TV: News, Weather and Sports for Huntsville, AL

Bass Pro Shop to buy competitor Cabela's

Bass Pro Shops has announced an agreement to purchase Cabela's. (Source: WAFF) Bass Pro Shops has announced an agreement to purchase Cabela's. (Source: WAFF)
HUNTSVILLE, AL (WAFF) -

Bass Pro Shops announced Monday they will purchase outdoor superstore, Cabela's.

According to a news release published by Bass Pro Shops, the company will acquire their competitor for $65.50 per share in cash. The news release states the deal is worth $5.5 billion.

"Cabela’s is pleased to have found the ideal partner in Bass Pro Shops," said Tommy Millner, Cabela’s Chief Executive Officer. "Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximize value, the Board unanimously concluded that this combination with Bass Pro Shops is the best path forward for Cabela’s, its shareholders, outfitters and customers. In addition to providing significant immediate value to our shareholders, this partnership provides a unique platform from which our brand will be extremely well positioned to continue to serve outdoor enthusiasts worldwide for generations to come."

Cabela's was founded in 1961 and has 85 specialty stores in the U.S. and Canada. Alabama's only Cabela's store is located in Huntsville.

Bass Pro Shops has stores located in Spanish Fort, Leeds, and Prattville.

 Representatives from Bass Pro have not said how this acquisition will impact the Huntsville Cabela's location. Calls to Cabela's have not been returned.

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