WASHINGTON—The U.S. Federal Trade Commission has approved the proposed purchase of Sealy Corp. by Tempur-Pedic International Inc. for $1.3 billion.
Tempur-Pedic and Sealy said in a joint statement the acquisition will close on March 18, subject to the usual closing conditions.
Under the deal's terms, Tempur-Pedic will buy all of Sealy's outstanding common stock for $2.20 per share and will assume about $750 million of Sealy's debt. Polyurethane foam is a key component of mattresses produced by the two firms.
After the deal is consummated, the companies will continue to operate independently, but together will be a $2.7 billion enterprise with a broadened global footprint reaching more than 80 countries.