HNI Corporation has agreed to acquire Steelcase in a cash and stock transaction valued at approximately $2.2 billion. The deal, which includes a cash offer of $7.20 per share and 0.2190 shares of HNI stock for each Steelcase share, aims to create a combined furniture powerhouse focused on the office furniture market. HNI's CEO is leading the acquisition, which is expected to close by the end of 2025 and become highly accretive by 2027. The transaction reflects HNI's strategy to capitalize on the growing trend of companies encouraging employees to return to office environments, anticipating increased demand for workplace furnishings. Following the announcement, Steelcase shares surged by 47%, while HNI shares declined by 18%.