Tempur Sealy (TPX) International Inc. is planning to acquire Mattress Firm in a deal that would cost approximately $4 billion in cash and stocks. The two companies have a long history of working together. There was a temporary split in 2017 but a reconciliation with a new longterm agreement took place in 2019. Now Tempur Sealy has offered to acquire the bedding company and the transaction is expected to take place in the second half of 2024, according to reports.
According to multiple reports, Temper Sealy is expected to pay roughly $2.7 billion in cash and the remaining $1.3 billion in stock. This could translate to about 34.2 million common shares, as Monday’s closing price of the stock was $37.62. Mattress Firm shareholders will own approximately 16.6 percent of the combined company and the rest of the company of approximately 83.4 percent will be owned by Tempur Sealy.
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Earlier this year, privately held Mattress Firm said that it no longer had plans to go public and was exploring other options.
According to reports, Mattress Firm is expected to operate as a separate business unit within the parent Temper Sealy. Temper Sealy said that they were providing additional information and documents as per a request from the Federal Trade Commission (FTC), and that they would cooperate with the FTC.
On Tuesday, Lexington-based Tempur Sealy announced its first quarter results. The company announced a profit of $85.3 million and revenue was $1.21 billion while it earned a profit of $130.7 million and a revenue of $1.24 billion in the same quarter in 2022. Shares of Tempur Sealy rose by six percent, on Tuesday, after its first quarter report was released.
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Tempur Sealy has seen a fall in sales, post pandemic, as people is not upgrading homes and buying home furnishings. The acquisition of Mattress Firm is expected to improve the fortunes of Tempur Sealy as the combined company will have approximately 3,000 brick and mortar stores in various retail locations as well as 30 e-commerce platforms. The acquisition will also have 71 manufacturing facilities and four research and development operations across the world.
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