9 May 2023
Tempur Sealy International, Inc. (NYSE: TPX) today announced that is has signed a definitive agreement to acquire Mattress Firm in a cash and stock transaction valued at approximately $4 billion.
Founded in 1986, Mattress Firm is the largest mattress specialty retailer in the U.S., operating over 2,300 brick-and-mortar retail locations and a growing e-commerce platform. Mattress Firm’s more than 6,200 highly trained retail sales associates provide personalized service to help consumers choose the ideal bedding products across their robust assortment of market-leading brands.
The transaction is expected to be funded by approximately $2.7 billion of cash and $1.3 billion in stock issued to Mattress Firm shareholders, reflecting the issuance of 34.2 million shares of common stock.
The transaction is currently anticipated to close in the second half of 2024, subject to the satisfaction of customary closing conditions, including applicable regulatory approvals.
Following the close of the transaction, Mattress Firm is expected to operate as a separate business unit within the Company.
Source: Company’s Press Release