Tempur Sealy Completes Acquisition of Mattress Firm, Announces Name Change

Summary

Tempur Sealy International, Inc. has completed the acquisition of Mattress Firm Group Inc. for approximately $5 billion, comprising $2.7 billion in cash and 34.2 million shares of common stock. The acquisition is expected to enhance Tempur Sealy's omni-channel strategy and expand its retail footprint. Following the acquisition, the company will change its name to Somnigroup International Inc., effective February 18, 2025. Mattress Firm and Tempur Sealy will operate as decentralized business units under Somnigroup. Peter R. Sachse has been appointed to the Board of Directors. The company plans to divest certain retail locations and a subsidiary in the second quarter of 2025. A press release and business update call have been issued to provide further details.