August 4, 2025
HNI Corp to acquire Steelcase in $2.2 billion deal
HNI Corporation, whose brands include HON and Allsteel, has agreed to acquire Steelcase in a cash and stock transaction valued at approximately $2.2 billion, according to a report from Rob Kirkbride of office insight. The deal brings together two of the US office furniture sector’s largest players and will create a combined company with annual revenue of around $5.8 billion. Under the terms of the agreement, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each Steelcase share they hold. Based on HNI’s closing price of $50.62 on August 1, 2025, the deal implies a purchase price of $18.30 per share for Steelcase. Once the acquisition is completed, HNI shareholders will hold 64 percent of the merged entity, with Steelcase shareholders owning the remaining 36 percent. (more…)