WASHINGTON (AP) — Bedding provider Tempur Sealy has agreed to acquire Mattress Firm in a cash-and stock-transaction valued at about $4 billion, the companies said Tuesday.

Mattress Firm operates more than 2,300 brick-and-mortar retail locations and an e-commerce platfom. After the Tempur Sealy acquistion is complete, the two companies will have a total of some 3,000 retail stores, 30 e-commerce platforms, 71 manufacturing facilities and four research and development facilities worldwide.

"This combination will accelerate our growth trajectory and enhance operating cash flow," Tempur Sealy Chairman and CEO Scott Thompson said in a statement. "Mattress Firm has been a valued retail partner for more than 35 years, and we look forward to welcoming their talented workforce of more than 8,100 employees to the Tempur Sealy family."

Mattress Firm CEO John Eck added that the transaction will increase the companies' ability "to better address consumers' needs and drive growth."

In the transaction, Tempur Sealy is expected to pay about $2.7 billion in cash and $1.3 billion in stock to Mattress Firm, which is privately held. That reflects the issuance of 34.2 million common shares, based on Monday's closing share price of $37.62.

The companies expect to complete the transaction in the second half of 2024. After the acquistion is complete, Mattress Firm is set to operate as a separate business unit within Tempur Sealy.

Also Tuesday, Tempur Sealy reported first-quarter profit of $85.3 million on revenue of $1.21 billion.

On a per-share basis, the Kentucky-based mattress maker said it had a profit of 48 cents. Earnings, adjusted for one-time gains and costs, were 53 cents per share.