Bass Pro Shops, the Springfield, Missouri-based outdoor sports retailer, has agreed to buy competitor Cabela's Inc. for $65.60 a share in cash, valuing the deal at about $5.5 billion.
Sidney, Nebraska-based Cabela's (NYSE: CAB) announced the deal Monday, ending a week of speculation.
The transaction is expected to close in the first half of 2017, subject to approval by Cabela's shareholders and regulatory approvals.
Bass Pro has one location in Maryland with a massive store at the Arundel Mills Mall. Cabela's has yet to enter Maryland.
The deal calls for Bass Pro to begin a multiyear partnership with Capital One NA, a banking subsidiary of Capital One Financial Corp. (NYSE: COF), under which Capital One will service the Cabela's CLUB, that retailer's co-branded credit card, officials said.