Bass Pro Purchase of Cabela’s Hinges on Bank Deal
The emergence of Synovus Financial Corp, a regional bank based in Georgia, as a buyer for Cabela’s credit card business could remove a remaining impediment to the long-delayed merger. The terms of the deal reportedly call for Synovus to acquire the $5.5 billion World’s Foremost Bank from Cabela’s, strip out the approximately $1 billion in deposits held by the bank, and sell the remaining credit-card portfolio to Capital One. Given Synovus’ relatively small size and lack of Capital One’s baggage, regulatory approval should be easy to achieve.
The clock on the Bass Pro-Cabela’s deal has been ticking louder and louder as ... Log in to view full article.