Bass Pro Shops is acquiring Cabela's for $5.5 billion.
In a news release from Bass Pro Shops, the two outdoor companies announced they have reached a definitive agreement for the merger.
They say both companies have similar origins and a shared goal "to better serve those two who love the outdoors."
Cabela's was founded in 1961 by Dick, Mary and Jim Cabela. Cabela’s has 85 specialty retail stores, primarily in the western U.S. and Canada.
Bass Pro Shops was founded in 1972 by Johnny Morris. It has 99 stores mainly in the eastern U.S. and Canada.
"Today's announcement marks an exceptional opportunity to bring together three special companies with an abiding love for the outdoors and a passion for serving sportsmen and sportswomen," said Johnny Morris, who is the CEO of Bass Pro Shops.