LEXINGTON, Ky. (March 8, 2013) — Tempur-Pedic International Inc., a global manufacturer, marketer and distributor of premium mattresses and pillows, today announced that the Federal Trade Commission (FTC) has cleared the Tempur-Pedic’s planned acquisition of Sealy, a global bedding manufacturer.
The Lexington-based company intends to close the acquisition on March 18, subject to customary closing conditions.
“I am pleased that the FTC has concluded its review and we can complete the acquisition of Sealy,” said Mark Sarvary, chief executive officer of Tempur-Pedic. “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.
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.