Tempur-Pedic buying rival mattress maker Sealy in $1.3-billion debt-cash deal

LEXINGTON, Ky. – Mattress company Tempur-Pedic is buying rival Sealy for approximately $228.6 million in cash.

Tempur-Pedic will also assume or pay back all of Sealy Corp.’s outstanding debt. The companies put the total value of the deal at $1.3 billion.

Tempur-Pedic International Inc. said Thursday that it will pay US$2.20 per Sealy share, which is a three per cent premium to Sealy’s Wednesday closing price.

The buyout is expected to close during 2013’s first half.

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