After hitting a few snags, it appears the deal between Bass Pro Shops and Cabela’s is back on and picking up speed once again.
Synovus Financial Corp will reportedly buy the financial unit of the outdoor retailer Cabela’s Inc, sources said.
Known as the “World’s Foremost Bank,” Cabela’s credit-card operation was supposed to be bought by Capital One last year, but the deal fell through when it couldn’t get regulatory approval in a timely manner.
Cabela’s and Bass Pro Shops first announced the ground breaking news last October in a deal valued at right around $5.5 billion. Cabela’s then said it would not be able to close the deal as fast as they hoped because of approval delays, not to mention, the Federal Trade Commission, which regulates and enforces antitrust laws, was also hounding the companies for more details about the trade.