LEXINGTON, Ky.-Tempur-Pedic has closed its acquisition of Sealy, and the company’s corporate name will be changed to Tempur Sealy International Inc.
The total transaction value is $1.3 billion, and consists of the purchase of all of Sealy’s common stock for $2.20 a share and the repayment of all of Sealy’s outstanding convertible and non-convertible debt. The name change is to “recognize the transformational nature of this combination,” according to a Tempur-Pedic statement. The company will seek stockholder approval for the name change at its annual stockholders meeting in Many.
The combined company’s portfolio of brands and its marketing will not be affected by the name change.
Mark Sarvary, Tempur-Pedic’s CEO, said, “We remain confident that our shared know-how and expected efficiencies will result in tremendous value. Our focus now is on ensuring that our integration process remains on track and is as seamless as possible for all of our employees, customers and other stakeholders.”