10:37 AM EST, 02/05/2025 (MT Newswires) -- Tempur Sealy International ( TPX ) said Wednesday that it will change its name to Somnigroup International, effective Feb. 18, following the completion of its $5 billion acquisition of Mattress Firm Group.

The company said the acquisition's consideration consisted of about $2.7 billion in cash and 34.2 million common shares. In connection with the acquisition, Tempur Sealy ( TPX ) said it expects to complete its previously announced divestiture of its Sleep Outfitters unit and 73 Mattress Firm retail locations to MW SO Holdings in Q2.

Tempur Sealy ( TPX ), Dreams, and Mattress Firm will become decentralized business units under Somnigroup International, according to the statement.

The company said its New York Stock Exchange ticker will be updated to "SGI" effective with the name change.

Price: 64.24, Change: -0.55, Percent Change: -0.84