Not-so-strange bedfellows: Tempur-Pedic International is buying a rival, Sealy Corp., for $228.6 million, or $2.20 per Sealy share, a 3 percent premium. It will also assume Sealy’s debt, while financing the deal with debt. The companies put the total value of the deal at $1.3 billion, including debt. They say the transaction will create a $2.7 billion company.
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Tempur-Pedic is buying Sealy
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Tempur-Pedic’s acquisition comes as competition rises in the industry, with mattress makers stepping up marketing to lure cost-conscious consumers into major purchases.