Mergers & Acquisitions
June 4, 2026
Somnigroup Clears Antitrust Review
Somnigroup’s $2.5B acquisition of Leggett clears U.S. antitrust review
Sheila Long O’Mara //Executive Editor, Furniture Today//June 4, 2026
DALLAS – Somnigroup International‘s proposed $2.5 billion acquisition of Leggett & Platt has cleared a regulatory milestone as the required federal antitrust waiting period expiring without a challenge.
Somnigroup disclosed in an SEC filing today that the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired June 3. The expiration means U.S. antitrust regulators did not move to block the deal, a step forward in the acquisition process.
Leggett & Platt filed a similar disclosure with the SEC today confirming the same HSR expiration.
Somnigroup, the Dallas-based parent of Houston-based Mattress Firm and Tempur Sealy, announced the acquisition agreement with Leggett & Platt in April. Under the terms of the deal, Leggett & Platt would become a wholly owned subsidiary of Somnigroup.
The companies expect the transaction to close by year-end 2026, though several conditions remain. Leggett & Platt shareholders must still vote to approve the deal. Regulatory clearances are still pending in Canada, the European Union, the United Kingdom, South Korea and Austria.
The proposed combination would bring together Somnigroup’s manufacturing and retail business with Leggett & Platt’s extensive manufacturing and components operations, which supply the bedding and home furnishings industries with innersprings, foam, adjustable bed bases and other hardware.
June 2, 2026
Berkshire Investing in New Home Construction
Berkshire Buys Taylor Morrison For $6.8 Billion In First Big Deal Under Greg Abel
by Tyler Durden
Sunday, May 31, 2026 – 05:40 PM
Less than a month after we mused at Berkshire’s most recent cash hoard which as of March 31 stood just shy of $400 billion, and wondered who Warren Buffett’s replacement Greg Abel will acquire first…
… we got the answer on Sunday afternoon, when Berkshire announced it will acquire homebuilder Taylor Morrison Home Corp. in an all-cash deal worth about $6.8 billion. Which means that after the deal, Berkshire still has $390 billion in T-bills collecting about 3.5%.
The offer of $72.50 per common share represents a 24% premium to the home builder’s latest closing price on Friday. The deal is expected to close in the second half of this year.
Taylor Morrison is one of the largest community developers and homebuilders in the US and also offers financial services like home loans, titles, escrow and insurance to consumers, according to the statement. The firm has more than 350 communities across 12 states. The existing Taylor Morrison management team, including Chief Executive Officer Sheryl Palmer, will continue to lead the firm, according to the statement.
“We are excited to welcome Taylor Morrison into Berkshire’s portfolio,” Greg Abel, chief executive officer of Berkshire Hathaway, said in a statement Sunday. “Over time, we expect to unify our site-built homebuilding operations into a combined platform enabling us to deliver the dream of homeownership to more Americans.”
This is the first multibillion-dollar acquisition under Abel, who took over Berkshire Hathaway earlier this year after Warren Buffett retired last year. While investors have been satisfied with Abel’s command over the sprawling conglomerate, some have been hoping that a deal could support Berkshire’s shares, which fell 5.6% so far this year, largely due to Berkshire’s lack of exposure to the AI bubble. The S&P 500 index gained 10.7% in the same period.
It is unclear if the deal signals that Abel believes the bottom for the US housing market is coming, or if Berkshire is buying a homebuilder during a brutal housing labor shortage, giving companies like Taylor Morrison operating leverage despite sky high mortgage rates. In any case, while millions of Americans have been hoping and praying that 8% mortgage will crash the housing market – which has never been more unaffordable – and allow them to enter at lower price, the investor with the biggest cash pile in history just bought a builder outright with cash from under the rug, as a three million home supply deficit clearly overrides the soaring cost of capital.
April 13, 2026
Somnigroup to Acquire L & P
Somnigroup to buy Leggett & Platt in ~$2.5B all-stock deal
Apr 13, 2026, 6:40 AM ETSomnigroup International Inc. (SGI) Stock, LEG StockBy: Preeti Singh, SA News Editor
Somnigroup International (SGI) has agreed to acquire Leggett & Platt (LEG) in an all-stock transaction worth ~$2.5B, based on Somnigroup’s April 10 closing price.
Under the terms of the agreement, Leggett & Platt shareholders will receive 0.1455 shares of Somnigroup common stock in exchange for each share of Leggett & Platt common stock they own.
As a result, Leggett & Platt’s shareholders will own ~9% of the combined company on a fully diluted basis. The agreement has been unanimously approved by the boards of directors of both companies.
The transaction is currently anticipated to close by year-end 2026, subject to the satisfaction of customary closing conditions, including approval by Leggett & Platt’s shareholders and receipt of applicable regulatory approvals.
Upon closing, 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.
Leggett & Platt’s chairman and CEO, Karl Glassman, will continue to lead Leggett & Platt following the closing date and will assist with a seamless transition to a new CEO of the Leggett & Platt business unit within twelve months of the closing date.
Somnigroup and Leggett & Platt have collaborated for nearly 50 years to drive innovation in the bedding market. After giving effect to the transaction, including elimination of intercompany sales, the combined company generated 2025 net sales of around $11.2B, ~$1.7B of adjusted EBITDA, and $1.1B of operating cash flow.
The combination is expected to be accretive to adjusted EPS before synergies in the first year post close and presents cost synergy opportunities with an expected net positive impact on adjusted EBITDA of $50M on a fully implemented annual run-rate basis.
April 12, 2026
Q1 Urethane Related M&A
First Quarter Transactions
2/4/26
Stahl
(68.5% stake fromhttps://www.pnc.com/en/corporate-and-institutional/topics/specialty-segments/chemicals-and-plastics.html?WT.mc_id=CIB_Offline_0065
Wendel; 16.1% from
BASF SE; 14.6% from
Clariant AG)
Henkel AG & Co.
KGaA
EUR 2.1B –
- Henkel AG & Co. KGaA has agreed to acquire Stahl, a Netherlands-based producer of
high-performance specialty coatings for flexible materials, serving companies across
the automotive, fashion & lifestyle and packaging markets. Stahl’s portfolio consists
of leather finishing coatings, performance coatings as well as high-performance
paper packaging & graphics coatings. - “With the acquisition of Stahl, we will further strengthen our Adhesive Technologies
business unit in line with our strategic agenda for purposeful growth. It will enable us
to expand into the attractive adjacent category of specialty coatings with product
offerings in core as well as in new end-markets, driving further growth in our
Adhesive Technologies business unit.” said Henkel CEO Carsten Knobel. - Stahl employs approximately 1,700 people and generates annual revenue of EUR 725
million (2.9x EV / Revenue).
1/27/26
Universal Chemicals
and Coatings
PRO-SET
Formulated
Resin Systems
(Iron Path
Capital)
- –
- PRO-SET Formulated Resin Systems (“PFRS”) has acquired Universal Chemicals and
Coatings, an Illinois-based manufacturer of custom industrial coatings, laminating
adhesives and container linings. - This marks the third acquisition for PFRS, following its acquisition of Gougeon
Brothers, Inc. in May 2025 and Wessex Resins and Adhesives in December 2025.
Furthers PFRS’ strategy to build a global formulated resin systems business focused
on highly specified formulated products for fabricating, bonding, sealing, coating and
repair of advanced non-metallic and metallic composite structures for marine,
aerospace, defense, electronics and industrial applications.
1/22/26
Chemical business of
Kyocera Corporation
Sumitomo
Bakelite
Company Limited
$189M –
- Sumitomo Bakelite Company Limited has agreed to acquire the Chemical business of
Kyocera Corporation. Kyocera’s chemical business, based in Japan, manufactures
epoxy-resin molding compounds for encapsulation of semiconductor devices,
bonding pastes for semiconductor devices and resins for industrial use. - Enhances Sumitomo’s presence in the information & communications technology
industry.
1/14/26
Key Polymer
(DalFort Capital
Partners)
Seatex
(The Riverside
Company)
- –
- Seatex has acquired Key Polymer, a Massachusetts-based manufacturer of highperformance
adhesives, sealants and coatings for a diverse range of industries. - “Key Polymer is an excellent complement to the Seatex platform,” said Riverside
Partner Craig Kahler. “This represents our first follow -on acquisition since we
acquired Seatex in October 2024 and materially advances our plans to expand the end
market and geographic reach of the platform.”
3/19/26 Diversified Plastics
The Rubber
Group
(River Associates)
- –
- The Rubber Group has acquired Diversified Plastics (“DPI”), a Montana-based
precision plastic manufacturer offering urethane casting, thermoforming, machining
and injection molding. - “The combination is about growth. We are bringing together complementary
capabilities to better serve customers,” said Rob Pruyn, President, The Rubber
Group. “By combining rubber, plastics, and urethane capabilities, we can offer a
broader range of engineered solutions to both customer bases, and the cross-selling
opportunity is significant.” - DPI will now be known as Diversified Plastics Industrial Solutions.
February 4, 2026
Henkel to Acquire Stahl
Henkel to buy specialty coatings company Stahl in €2.1B deal
Feb. 04, 2026 7:02 AM By: Carl Surran, SA News Editor
Henkel said Wednesday it agreed to acquire Netherlands-based specialty coatings company Stahl Holdings for €2.1B (~$2.48B) including debt from private equity firm Wendel.
The German consumer goods company said the acquisition will help drive growth in its adhesive technologies business.
Minority shareholders BASF and Clariant, which together control more than 30% of Stahl, also will sell their stakes, Wendel (WNDLF) said.
Henkel’s deal for Stahl comes after the company recently said it would acquire ATP Adhesive Systems.
Executives have predicted a wave of consolidation in the chemicals industry, as companies struggle with weak demand, rising energy costs, tariffs and intense competition.
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