Somnigroup to Acquire Leggett & Platt for $2.5 Billion

Cleary Gottlieb is representing Somnigroup International Inc. (Somnigroup), which has agreed to acquire Leggett & Platt Incorporated (Leggett & Platt), a diversified manufacturer of engineered components and products for use in homes and automobiles, in an all-stock transaction valued at approximately $2.5 billion based on Somnigroup’s closing share price on April 10, 2026.

On December 1, 2025, Somnigroup submitted a public unsolicited offer to the board of directors of Leggett & Platt to acquire all outstanding common shares of Leggett & Platt in an all-stock transaction. Following private negotiations, the transaction signed on April 13, 2026, and is expected to close by year-end 2026, subject to regulatory approvals and satisfaction of other customary closing conditions, including approval by Leggett & Platt’s shareholders.

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.

Somnigroup is the world’s leading bedding company, with capabilities in design, manufacturing, distribution, and retail. Somnigroup serves consumers in more than 100 countries worldwide, through its fully owned businesses, Tempur Sealy, Mattress Firm, and Dreams. Its portfolio includes Tempur-Pedic, Sealy, Stearns & Foster, and Sleepy’s, and its global omni-channel platform enables the company to meet consumers wherever they shop, offering a personal connection and innovation to provide a unique retail experience and tailored sleep solutions.

Leggett & Platt is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in many homes and automobiles. The 143-year-old company is a leading supplier of bedding components and solutions, automotive seat comfort and convenience systems, home and work furniture components, geo components, flooring underlayment, and hydraulic cylinders for material handling and heavy construction applications.

For more information, please see the press release.

The Cleary M&A team includes partners Paul Shim and Timothy Saviola; senior attorney Michael Saliba; associates Adrien Schmieder, Karry-Ann Cornwall, and Megan Pitt; and law clerks Catherine Benestad Hendicott and Andrew Zheng. Partner Amy Shapiro and associates Anirudh Sivaram and Andy Xie are advising on finance matters. Partner Michael Albano and associates Madeline Hong and Maisha Kamal are advising on executive compensation and employment matters. Partners Bruce Hoffman, Blair Matthews, Christopher Cook, and Paul Gilbert; senior attorney Lars-Peter Rudolf; and associates Brittany Day, Teresa Spolidoro, and Christina Tatum are advising on antitrust matters, with support from law clerk Adam Siegel. Partner Vladimir Novak and associate Parsa Tonkaboni are advising on foreign direct investment matters. Partner Samuel Chang and associates Ana Carolina Maloney and Kerry Mullins are advising on trade controls. Senior attorney Jim Corsiglia is advising on corruption matters. Partner Lillian Tsu and associates Jonathan Povilonis and Jin Kwon are advising on securities and capital markets matters, with support from law clerk Jean Choi. Partners Jason Factor and Maureen Linch and associate Kathy Zhang are advising on tax matters. Partner Marcela Robledo and associate Natalie Curry are advising on intellectual property and data privacy matters, with support from law clerk Gabriela Landolfo. Partner Beau Sterling and associate Madison Bush are advising on environmental, health, and safety matters. Partner Joseph Lanzkron, real estate attorney Jacqueline Debs, and associate Jonah Eastzer are advising on real estate matters, with support from law clerk Jessica Marlow.