FTC OKs Tempur-Pedic, Sealy Deal

March 7, 2013  by in UnCategorized   

By Home Furnishings Business in Acquisition on March 8, 2013

The Federal Trade Commission has granted clearance for bedding supplier Tempur-Pedic International (NYSE: TPX) to acquire competitor Sealy Corp. (NYSE: ZZ).

Based on the approval, the deal is expected to close March 18.

"I am pleased that the FTC has concluded its review and we can complete the acquisition of Sealy.  The combination of Tempur-Pedic and Sealy unites two highly complementary companies with iconic brands to create the first full spectrum, global bedding company that addresses all market segments and consumer preferences," said Mark Sarvary, CEO Tempur-Pedic.

As previously disclosed, Tempur-Pedic will acquire all of the outstanding common stock of Sealy for $2.20 per share and all of Sealy's outstanding convertible and non-convertible debt, for a total transaction value of approximately $1.3 billion.