Nebraska based hunting and fishing outfitter and retail chain Cabela's has been bought by rival Bass Pro Shops in a $5.5 billion deal. As part of the deal, Cabela's will to sell its credit card operations to Capital One Financial Corp.

In a press release Bass Pro Shops said, "Bass Pro Shops will maintain a seamless integration between the credit card program and the combined companies’ retail operations and deep customer relationships."

Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Nebraska. No other details about what will happen with Cabela's retail stores or distribution centers were available as of Monday morning.

The retailer has been under pressure from activist hedge fund Elliott Associates to pursue strategic alternatives after the fund bought an 11.1 percent stake in October 2015.

Bass Pro Shops is assisted in the purchase by Goldman Sachs and Pamplona Capital Management.

Founded in 1961 by Dick, Mary and Jim Cabela, Cabela’s is headquartered in Sidney, Nebraska. Cabela’s has 85 specialty retail stores, mostly in the western U.S. and Canada, catalog business and e-commerce operations. Cabela's operates two retal stores in South Dakota, in Mitchell and Rapid City.

Source: CNBC