Tempur Sealy buying Mattress Firm in $4 billion deal

Managers of Sleep Quarters at Clark's Pond in South Portland, relax on one of their Tempur-Pedic beds.said on Tuesday it would buy retailer Mattress Firm in a cash-and-stock deal valued at about $4 billion, as the leading bedding maker looks to grow its business and stem a post-pandemic weakness in sales.

"I don't think it's any harder to go through a downturn with Mattress Firm than it would be to go through it without," Tempur Sealy CEO Scott Thompson said., is among the biggest bedding retailers in the United States, with more than 2,300 brick-and-mortar store locations. Lexington, Kentucky-based Tempur Sealy said it would pay about $2.7 billion in cash and $1.3 billion in company stock issued to Mattress Firm shareholders. After deal closure, Mattress Firm would operate as a separate business unit within Tempur Sealy.

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Tempur Sealy to buy Mattress Firm in deal worth $4 billionThe companies expect to complete the transaction in the second half of 2024.
Source: PennLive - 🏆 463. / 53 Read more »

Tempur Sealy to buy Matress Firm in $4 billion dealTempur Sealy has agreed to acquire Mattress Firm in a cash-and-stock transaction valued at about $4 billion. The companies said Tuesday they expect to complete the transaction in the second half of 2024. After the acquistion is complete, Mattress Firm will operate as a separate business unit within Tempur Sealy. Also on Tuesday, Tempur Sealy posted first-quarter profits of $85.3 million. On a per-share basis, the Kentucky-based mattress maker said it had profit of 48 cents. Earnings, adjusted for one-time gains and costs, were 53 cents per share.
Source: AP - 🏆 728. / 51 Read more »