The U.S. Federal Trade Commission cleared Tempur-Pedic’s planned acquisition of competitor Sealy, allowing for the deal, which is valued at $1.3 billion, to close in March.
Tempur-Pedic, a producer of specialty mattresses and pillows based in Lexington, Ky., announced its plans to buy mattress major Sealy, which has headquarters in Trinity, N.C., in fall 2012.
“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 , Tempur-Pedic chief executive officer.
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 nonconvertible debt.
