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Steinhoff to sell entire stake in Mattress Firm to Tempur Sealy | Business

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If the deal goes ahead as planned, Steinhoff said the proceeds of the sale will be used to pay down its $10 billion debt burden. | News24_Business

NYSE-listed Tempur Sealy said on Tuesday it had signed a"definitive agreement" to acquire all Mattress Firm's issued shares for $4 billion. The sale has already been approved by the boards of both companies.

"We are excited by the long-term growth prospects for our global vertically integrated company," said Tempur Sealy chair and CEO Scott Thompson. Tempur Sealy and Mattress Firm’s combined global footprint would include approximately 3 000 retail stores and 30 e-commerce platforms. Tempur Sealy said the transaction is expected to be funded by around $2.7 billion in cash and $1.3 billion in stock for Mattress Firm's shareholders. Steinhoff will receive 45% of both. Newsletter

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