Bass Pro Shops’ $4.5 billion Cabela’s Deal Gets White Knight

A small Georgia bank has emerged as the potential savior of Bass Pro Shops’s $4.5 billion takeover of outdoor-goods retailer Cabela’s Inc., according to people familiar with the matter. The deal, struck in October, had two parts: Bass Pro agreed to buy the retail business of Cabela’s, while Capital One Financial Corp. agreed to acquire its banking operation, which issues store-branded credit cards.

But the deal ran into trouble after Capital One, one of the country’s largest credit-card companies, said it wouldn’t be able to get timely regulatory approval, amid investigations into its anti-money laundering controls. Cabela’s is now in talks to sell that business to Synovus Financial Corp., a Georgia-based bank with about $30 billion in assets and 250 branches across the south, the people said.

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