Somnigroup International completes $2.3 billion acquisition of Leggett & Platt

Somnigroup International has finalized its $2.3 billion acquisition of Leggett & Platt. The all-stock transaction brings together major brands including Tempur-Pedic, Sealy, Stearns & Foster, and Mattress Firm under one corporate entity.

The combined company will operate more than 170 manufacturing facilities across 37 countries and employ over 36,000 people. The deal, which includes Leggett & Platt’s existing debt, resulted in former Leggett & Platt shareholders holding approximately 9% of the combined company on a fully diluted basis.

Strategically, the merger enhances vertical integration by connecting retail and mattress brands directly with a long-term component supplier. Somnigroup executives aim to manage financial leverage toward an adjusted EBITDA target range of 2 to 3 times by the end of the year.