Bass Pro to acquire Cabela’s

Bass Pro Shops is buying out its biggest competitor, Cabela’s. The deal is said to be an all-cash affair valued at $5.5 billion.

Cabela stockholders will be paid a reported $65.50 per share in cash.

Bass Pro Shops founder and CEO Johnny Morris had this to say in a lengthy open letter to his employees:

This morning it is with tremendous pride and humility that I share with you the great news that Bass Pro Shops and Cabela’s have agreed to combine our two legendary brands to create a truly premier retailer in outdoor sporting goods. This merger of resources, experience and passion for the outdoors represents a unique opportunity for both organizations and their respective team members.

Cabela’s focuses more on hunting—while Bass Pro Shops mainly cater to anglers. Morris called it “a remarkable strategic fit.”