Bass Pro Shops to acquire Cabela’s for about $5.5 billion

Cabela’s, known for its large selection of hunting, fishing and camping supplies, entered into an agreement with Bass Pro Shops to be acquired for $65.50 per share in cash, according to a news release.

“Cabela’s is pleased to have found the ideal partner in Bass Pro Shops,” Cabela’s CEO Tommy Millner said in a news release. “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.”

It was not immediately clear whether the acquisition would result in any store closures, but the companies said in a statement that Springfield, Mo.-based Bass Pro Shops would "celebrate and grow" the Cabela’s brand.