Somnigroup completes $2.3B all-stock acquisition of Leggett & Platt

SOMNIGROUP INTERNATIONAL INC.

All-stock deal valued ~$2.3B; LEG shareholders received 0.1455 SGI shares per share.
Annual run-rate synergy target raised to $75M from $50M; net leverage ~2.8x at close.
$1.5B Leggett & Platt senior notes remain outstanding; ~$50M annualized non-cash expense from fair value step-up.
Tyson Hagale named President of Leggett & Platt, reporting to CEO Karl Glassman.

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