Bass Pro buys Cabela's for $5.5B

Cabela's has agreed to be sold to Bass Pro Shops for approximately $5.5 billion.

The deal has long been rumored and Cabela's was under pressure from activist investors to pursue a sale. Bass Pro emerged in November as the early contender. As sporting goods retailers Sports Authority and Golfsmith filed for bankruptcy, further consolidation seemed inevitable. 

The new company will operate 184 stores in the United States and Canada.

RELATED: Bidders emerge for Cabela's 

Both Cabela's and Bass Pro operate large destination stores averaging roughly 150,000 sq. ft. that combine dining and lifestyle displays, and host events that appeal to the outdoor enthusiast.

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