The mattress maker Tempur-Pedic announced on Thursday that it was buying rival Sealy for $2.20 a share, or $228.6 million. Including the assumption of debt, the transaction is valued at $1.3 billion. The per-share price represents a premium of about 23 percent to the 30-day average of Sealy’s shares.

“This is a transformational deal that brings together two great companies,” Tempur-Pedic’s chief executive, Mark Sarvary, said in a statement. ”In addition, our global footprint will span over 80 countries. The shared know-how and improved efficiencies of the combined company will result in tremendous value for our consumers, retailers and shareholders.”