Synovus to buy Cabela's financial unit

Financial Services | Sidney, NE | Corporate Acquisition

Synovus Financial (NYSE: SNV) has agreed to acquire from Cabela's (NYSE: CAB) the outdoor retailer's financial unit, according to Reuters, with Synovus retaining the unit's deposits and divesting its credit-card portfolio to Capital One (NYSE: COF). The deal will help accelerate the acquisition of Cabela's by Bass Pro Shop for $5.5 billion, per The Wall Street Journal, with Synovus acquiring some of the assets previously destined for Capital One. Synovus shares gained about 4% on Thursday and Capital One added 3%.

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