Somnigroup International to Acquire Leggett & Platt in a $2.5 Billion All-Stock Deal

Somnigroup International Inc (SGI) entered a merger agreement on April 13, 2026, to acquire Leggett & Platt, Incorporated (LEG) in an all-stock deal valued at $2.5 billion.

Deal Structure:

Leggett & Platt shareholders will receive 0.1455 shares of Somnigroup common stock in exchange for each share of Leggett & Platt common stock they own, representing a value of $11.36 per Leggett & Platt share, at a premium of 13.69% from the stock’s last close.

Company Profile:

Leggett & Platt is a diversified manufacturer of engineered components used in bedding, furniture, automotive seating, flooring, and industrial applications. It operates globally across bedding, specialized, and furniture-related segments, supplying OEMs, retailers, and industrial customers.

Somnigroup is a global bedding company that designs, manufactures, and sells mattresses and sleep products through brands like Tempur-Pedic, Sealy, and Sleepy’s, and operates retail and distribution networks across multiple countries. It also develops sleep-related products using technology and data to improve sleep quality.

Deal Details and Timeline:

In December last year, Somnigroup submitted a proposal to the board of Leggett & Platt to acquire all outstanding common shares of the company through an all-stock transaction. At the time, Leggett & Platt’s stock was trading at $10.26. Under the proposed terms, shareholders were to receive shares of Somnigroup common stock valued at $12 for each Leggett & Platt share.

After the deal is completed, anticipated by year-end 2026, shareholders of Leggett & Platt will own about 9% of the combined company.

Leggett & Platt will continue to operate as a separate business unit within Somnigroup, alongside brands like Tempur Sealy, Mattress Firm, and Dreams, and will keep its offices in Carthage, Missouri.

Karl Glassman will remain CEO after the deal closes and will help ensure a smooth transition to a new CEO of the Leggett & Platt business unit within 12 months.

The combined company is expected to run 175 manufacturing facilities in 36 countries, with a workforce of over 36,000 employees worldwide.

The transaction was supported by J.P. Morgan Securities and Latham & Watkins, which acted as financial and legal advisors, respectively, to Leggett & Platt. Goldman Sachs served as financial advisor to Somnigroup, while Cleary Gottlieb Steen & Hamilton provided legal counsel.

Somnigroup is paying 6.64 times EBITDA for Leggett & Platt.

Deal Metrics:

For a comprehensive analysis of this transaction, please visit the Deal Metrics page:

Deal Metrics for the acquisition of Leggett & Platt, Incorporated (LEG) by Somnigroup International Inc (SGI)

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• A spread history chart of the merger from announcement through eventual completion or failure.
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• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article