Tempur Sealy International Inc said on Tuesday it would buy retailer Mattress Firm in a cash-and-stock deal valued at about $4 billion, as the leading U.S. bedding maker looks to stem a post-pandemic decline in sales.
A Mattress Firm store, a brand owned by Steinhoff, is shown in Encinitas, California, U.S., January 25, 2018. REUTERS/Mike Blake/File PhotoExpects deal to close by second half of 2024said on Tuesday it would buy retailer Mattress Firm in a cash-and-stock deal valued at about $4 billion, as the leading U.S. bedding maker looks to stem a post-pandemic decline in sales.
Earlier this year, Mattress Firm started exploring options for the business after withdrawing plans to go public. The deal would give the combined company a footprint of about 3,000 stores globally, 30 online platforms and 71 manufacturing facilities.Tempur Sealy said it had received a request for additional information and documentary material from the Federal Trade Commission . Negotiations with the FTC are in the "early innings", Tempur Sealy executives said in an earnings call.
"In the current environment ... it has become difficult when you try to negotiate a deal as to understand how much FTC risk you have, because it's different than what it has been historically," Tempur Sealy CEO Scott Thompson told Reuters in an interview.
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