The world’s largest mattress manufacturer buys the entire US-based mattress store chain, including Steinhoff’s 50.1% stake, providing a lifeline for the struggling multinational
American mattress manufacturer Tempur Sealy will buy all of US-based Mattress Firm including Steinhoff’s 50.1% stake for $4bn.
Tempur Sealy describes itself as the world’s largest manufacturer of mattresses and bedding products. Steinhoff, which is technically insolvent, had planned to list Mattress Firm in the US to raise funds, but delayed the listing, as markets are depressed due to rising interest rates. The multinational holding company has repeatedly said it was continuing to explore options for the retailer before announcing the sale on Tuesday.
The payment for the sale will include about $2.7bn cash and 34.2-million shares in Tempur Sealy with a valuation of $1.3bn, to be issued to Mattress Firm.Upon completion of the transaction, Steinhoff will indirectly own about 7.5% of the combined company. Additionally, Tempur Sealy plans to expand its board of directors by appointing two mutually agreed upon Mattress Firm directors to the Tempur Sealy board.
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