Bass Pro Shops is to acquire outdoor gear retailer Cabela’s for $65.50 per share in cash, which represents an aggregate transaction value of approximately $5.5bn.

Following closure of the deal, Bass Pro Shops will start a multi-year partnership agreement with Capital One, National Association, a wholly owned national banking subsidiary of Capital One Financial Corporation, which Capital One will service under the Cabela’s CLUB, Cabela’s co-branded credit card.

Founded in 1961 by Dick, Mary and Jim Cabela, Cabela’s is a marketer of hunting, fishing, camping, shooting sports and related outdoor merchandise.

"This partnership provides a unique platform for our brand to be extremely well-positioned to continue to serve outdoor enthusiasts worldwide."

It has more than 85 specialty retail stores, primarily in the western US and Canada.

Cabela’s stores, catalog business and e-commerce operations will merge with Bass Pro Shops and White River Marine Group, which is part of Bass Pro Shops. 

Bass Pro Shops founder and CEO Johnny Morris said: "We look forward to continuing to celebrate and grow the Cabela’s brand alongside Bass Pro Shops and White River as one unified outdoor family.”

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Cabela’s CEO Tommy Millner  said: "Cabela’s is pleased to have found the ideal partner in Bass Pro Shops. Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximise 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."