HNI Corporation has agreed to acquire Steelcase in a cash and stock transaction valued at approximately $2.2 billion. The deal includes a cash payment of $7.20 per share plus 0.2192 shares of HNI stock, representing a 79.7% premium over Steelcase's previous share price. This acquisition aims to consolidate the office furniture industry and capitalize on the growing trend of companies encouraging employees to return to the office. The transaction is expected to close by the end of 2025 and is projected to be highly accretive by 2027. HNI's CEO is leading the deal, which combines the complementary strengths of both companies to drive future growth in workplace furnishings.