Overview

• HNI and Steelcase signed a definitive agreement on August 4 in a deal valuing Steelcase at approximately $2.2 billion in a cash and stock transaction.
• Steelcase shareholders will receive $7.20 in cash plus 0.2192 HNI shares per common share, reflecting an implied purchase price of $18.30 and nearly 80% premium.
• Upon closing, HNI holders will own about 64% of the combined company and Steelcase shareholders 36%, with HNI CEO Jeffrey Lorenger at the helm and both headquarters retained.
• The firms project annual net sales of about $5.8 billion and plan to leverage their complementary dealer networks across office, healthcare, education and hospitality markets.
• The transaction remains on track to complete by late 2025 pending regulatory and shareholder approvals, with integration planning teams already in place.