Bass Pro Shops and Cabela's, two outdoor retail giants, will combine in a $4.5 billion deal.

It was announced Monday that Bass Pro will pay Cabela's shareholders $65.50 cash per share.

"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, founder and CEO of Bass Pro Shops, in a statement. "The story of each of these companies could only have happened in America, made possible by our uniquely American free enterprise system. We have enormous admiration for Cabela’s, its founders and outfitters, and its loyal base of customers. We look forward to continuing to celebrate and grow the Cabela’s brand alongside Bass Pro Shops and White River as one unified outdoor family.”

Customer loyalty programs will remain unaltered, according to Bass Pro officials. Capital One will take over running Cabela's credit card unit, The Associated Press reported.