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Bass Pro Shops to purchase Cabela's

Agreement in place for $5.5B deal between outdoor retailers.

TIMES FILE PHOTO - Two years after Cabela's grand opening in Tualatin, pictured, the outfitting business is in line to be purchased for $5.5 billion by competitor Bass Pro Shops.Cabela's is coming under new ownership.

The outfitting retailer made a joint announcement Monday with Bass Pro Shops, a leading competitor in the field of outdoor gear, that the latter company will acquire Cabela's for about $5.5 billion.

Based in Nebraska, Cabela's has operated a store at the Nyberg Rivers shopping center in Tualatin since September 2014. According to the corporate announcement, Cabela's will continue to exist as a brand.

“We have enormous admiration for Cabela's, its founders and outfitters, and its loyal base of customers,” said Johnny Morris, Bass Pro Shops' founder and chief executive officer, in a statement. “We look forward to continuing to celebrate and grow the Cabela's brand alongside Bass Pro Shops and White River (Marine Group, also owned by Bass Pro Shops) as one unified outdoor family.”

Morris will serve as CEO and majority shareholder of the combined business entity, according to the announcement.

Cabela's CEO Tommy Millner said the deal was “unanimously” agreed to by his company's board of directors.

“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,” Millner said in his statement.

The deal is not final until it is approved by shareholders. According to the announcement, Bass Pro Shops would pay $66.50 per share in cash to acquire Cabela's if the deal goes through.