US EditionHNI Corporation to Acquire Steelcase Inc.
MUSCATINE, IOWA AND GRAND RAPIDS, MICHIGAN, AUG 4 – The $2.2 billion deal will create a combined company with $5.8 billion in annual revenue and $120 million in expected synergies, maintaining separate leadership until closing.
- On August 4, 2025, HNI Corporation announced the acquisition of Steelcase Inc. in a $2.2 billion cash and stock transaction.
- By leveraging complementary brand portfolios and dealer networks, the deal is expected to generate $120 million in annual run-rate synergies when fully mature.
- Based on Friday’s close at $50.62, Steelcase shareholders receive $7.20 in cash and 0.2192 shares of HNI common stock per share.
- Following close, the combined company will be led by Jeffrey Lorenger, HNI’s Chairman, President and CEO, with HNI shareholders owning approximately 64%.
- The deal is expected to close by the end of calendar year 2025, with the combined company projected to have pro forma annual revenue of about $5.8 billion and be accretive to non-GAAP earnings per share beginning in 2027.
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