Somnigroup International Inc has signed a definitive agreement to acquire Leggett & Platt in an all-stock transaction valued at approximately $2.5b, based on Somnigroup's closing share price on 10th April.
The transaction is currently anticipated to close by the end of 2026, subject to the satisfaction of customary closing conditions, including approval by Leggett & Platt's shareholders and receipt of applicable regulatory approvals.
Following the close of the transaction, Leggett & Platt is expected to operate as a separate business unit within Somnigroup, similar to Tempur Sealy, Mattress Firm and Dreams, and to maintain its offices in Carthage, Missouri. Leggett & Platt's chairman and CEO, Karl Glassman, will continue to lead the business and will assist with the transition to a new CEO.
Somnigroup and Leggett & Platt have collaborated for nearly 50 years to drive innovation in the bedding market, and expect the combination to further strengthen their ability to deliver innovative bedding products.
Together, they generated net sales of approximately $11.2b in 2025. The combined company is expected to operate 175 manufacturing facilities across 36 countries, supported by a global workforce of more than 36,000. The combined company says it will continue to honour Leggett & Platt's existing supply agreements with customers in the bedding industry.
Somnigroup chairman and CEO Scott Thompson says: "We are proud to have Leggett & Platt join Somnigroup. Leggett & Platt's strong engineering capabilities, diversified end users and cash-generating financial profile meaningfully enhance our global platform.
"This combination is consistent with our vertical integration strategy, which drives innovation and value for customers while also enhancing shareholder value. By bringing a successful supply partner into our group, we accelerate our ability to deliver differentiated, consumer-centric innovation. This combination is evidence of our commitment to disciplined capital allocation centered on long–term shareholder value creation."
Karl Glassman adds: "We are pleased to reach this agreement with Somnigroup, a valued longstanding customer and partner. This transaction provides Leggett & Platt shareholders with the opportunity to participate in the future growth and value creation of a leading global company on a tax-deferred basis."
