HNI to Acquire Steelcase for $2.2 Billion at 79.7% Premium, Deal Closing by 2025 and Accretive by 2027
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.
Sources
Reuters
HNI bets on return-to-office with $2.2 billion deal for furniture maker Steelcase https://t.co/XdxtOMtnLp https://t.co/XdxtOMtnLp
Fast Company HNI Corporation, which manufactures workplace furnishings, said it will acquire Steelcase in a $2.2 billion deal. It shows that there's still plenty of excitement around return-to-office and its future growth. https://t.co/tSL4KbN0ke
Reuters LegalHNI has agreed to buy office furniture maker Steelcase in a deal worth about $2.2 billion, it said on Monday, as it looks to capitalize on more companies asking employees to return to office. https://t.co/zpul6Nolr6