Linklaters has advised long standing client Steinhoff on its acquisition of U.S. mattress retailer, Mattress Firm. Steinhoff will acquire Mattress Firm for $64.00 per share in cash, which represents a total equity value of approximately $2.4bn and an enterprise value for Mattress Firm of approximately $3.8bn including net debt.

Steinhoff is a leading retailer manufacturing, sourcing and retailing furniture, household goods and general merchandise in Europe, Australasia and Africa. Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. The company - which has more than 40 brands and 6,500 shops and employs approximately 105,000 people - generates over 60 per cent of its revenues from Europe and is currently the second largest household goods retailer in Europe by revenue.

The acquisition of Mattress Firm, the largest U.S. specialty mattress retailer with 3,500 company-operated and franchised stores in 48 states, will mark Steinhoff’s entrance into the U.S. market.

The Linklaters team was led by New York Corporate partners Scott Sonnenblick and Peter Cohen-Millstein and associate Kyle Colvin; New York tax partner Gordon Warnke and London banking partners Danelle Le Cren and Toby Grimstone.

In July 2016, Linklaters advised Steinhoff on its £597m recommended takeover of UK discount retailer Poundland.