Steinhoff International Holdings’ acquisitions continued as the retailer from South Africa announced it was buying Mattress Firm Holdings for $2.4 billion.

The deal brings the company into the United States for just the first, with close to 25% of the retail market in the country for specialty mattresses, said a research firm in Europe.

The company, following the closing of the acquisition, will become the largest bed retailer in the world, ahead of chains like Bensons for Beds in Britain and Conforama in France.

Steinhoff to purchase the business, that includes 3,500 stores, is paying over double the last price at closing of Mattress Firm stock, a valuation that might cause some eyebrows to raise, says a BNP Paribas analysts.

Mattress Firm shares have dropped by 52% during the last 12 months as less demand and heavy discounting weighed on its results.

This price will leave investors needing to have faith in the ability of Steinhoff to improve the organic performance of Mattress Firm, which is something their track record has been good at, said another analyst in London.

By acquiring Mattress Firm, Steinhoff will gain the only mattress manufacturer in the U.S. with a supply chain nationwide. This acquisition expands the footing of the company in a category that is growing at a rate of 5% per years, said analysts.

The deal also will serve to meet the ambition of Steinhoff of lessening its exposure to just Africa.

Close to 20% of the revenue from the company will now come from the U.S. and Europe will contribute 44% while Africa will have 27%.

Steinhoff offered cash equal to $64 per share compared with the closing price on Friday of $29.74 for Mattress Firm based in Houston.

Steinhoff will finance the purchase of Mattress Firm through both bridge and bank loans.

Steinhoff stock increased 0.8% on Monday in early trading giving the company a $25.3 billion market value.

Mattress Firm made an announcement on November 30 that it agreed to purchase Sleepy’s rival for over $780 million, which combined the two biggest sellers of mattresses in the U.S. into a 3,500-store, 80 distribution center mega company across 48 of the 50 states in the U.S.

That deal was completed this past February.

The company promoted Ken Murphy to CEO this past March, replacing Steve Stagner, who stayed on as the chairman of Mattress Firm.

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