Tempur Sealy has agreed to acquire Mattress Firm in a cash-and-stock transaction valued at about $4 billion.
in a cash-and stock-transaction valued at about $4 billion, the companies said Tuesday.
Mattress Firm CEO John Eck added that the transaction will increase the companies' ability"to better address consumers’ needs and drive growth.” The companies expect to complete the transaction in the second half of 2024. After the acquistion is complete, Mattress Firm is set to operate as a separate business unit within Tempur Sealy.
Neil Saunders, managing director of data analytics company GlobalData, said selling Mattress Firm has been a “priority” for Steinhoff as the parent company looks to pay down debt.
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