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Capital One buying Cabela's card biz

McLean, Va.-based Capital One Financial Corp. is acquiring Cabela's creditcard operations, including $5.2 billion in credit card receivables and otherassets and $5 billion in associated funding liabilities.

The company will purchase the operations for face value ofreceivables, minus face value of assumed liabilities.Capital One expects to complete the deal in the first half of 2017, subject toBass Pro Shops completing its acquisition of Cabela's. The bank also signed a10-year agreement to exclusively issue co-branded credit cards to outdoorretailer Cabela's customers.

Kessler Group and Credit Suisse acted as financial advisersto Capital One and Wachtell Lipton Rosen & Katz and Chapman and Cutleracted as legal advisers. Guggenheim Securities was exclusive financial advisorto Cabela's, and Sidley Austin LLP and Koley Jessen PC LLO served as its legalcounsel.

Goldman Sachs & Co. was adviser to Bass Pro Shops on thebank transaction, and Morrison & Foerster served as legal counsel.