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Freshfields Advises Steinhoff Companies on Sale of Mattress Firm to Tempur Sealy
Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) advised the key ‘Newco 3’ group companies within the Steinhoff International Holdings NV group on the sale of Mattress Firm to Tempur Sealy International Inc., in a cash and stock deal valued at around $4 billion. The Steinhoff group is the majority shareholder in Mattress Firm and Freshfields’ advice is a continuation of their ongoing role as counsel to the ‘Newco 3’ group.
Following the transaction, which is expected to close in the second half of 2024, the ‘Newco 3’ group is expected to own about 7.5% of the combined company. Closing remains subject to regulatory approvals, including clearance under U.S. antitrust law.
One of the biggest bedding retailers in the United States, the merger with bedding retailer Mattress Firm would give Tempur Sealy a footprint of about 3,000 stores globally, 30 online platforms and 71 manufacturing facilities.
The Freshfields team was led by partners Edward Cole, Simon Johnson and Michael Levitt, and counsels Tom Wallis and Taryn Zucker.
