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Tempur offered to pay $2.7B in cash and a further $1.3B in stock consideration, an offer that has been accepted by Mattress Firm. The transaction is currently anticipated to close in the second half of 2024.
Once the deal is completed, Tempur Sealy and Mattress Firm’s combined global footprint will include around 3,000 retail stores, 30 e-commerce platforms, and 71 manufacturing facilities.
“This transaction advances all four of our key long-term initiatives: to develop the highest quality bedding products, promote brands with compelling marketing, optimize our diverse omnichannel distribution platform, and drive EPS growth. Consistent with our M&A strategy, this acquisition will make Tempur Sealy more competitive by bringing us closer to consumers and facilitating continued innovation,” Tempur Sealy Chairman and CEO Scott Thompson said.
Tempur shares initially fell 10% on the announcement before paring losses to trade around 1.5% lower in pre-market Tuesday.
