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Steinhoff to Acquire Mattress Firm to Enter United States Market

South African retail giant Steinhoff International Holdings announced Sunday that it would acquire mattress retailer Mattress Firm Holding (MFRM) in a deal valued at $3.8 billion to add presence in the United States.

Under the terms of the deal, Steinhoff will pay $64 per Mattress Firm share, or $2.4 billion, a 115% premium over Mattress Firm's closing price of $29.74 on Friday. Including net debt, the transaction is valued at $3.8 billion.

Mattress Firm is the largest specialty mattress retailer in the United...