Overview

• HNI and Steelcase have executed a definitive agreement for a $2.2 billion cash-and-stock acquisition of Steelcase by HNI.
• Steelcase shareholders will receive $7.20 in cash plus 0.2192 HNI shares per share, implying an $18.30 purchase price and roughly an 80% premium.
• The transaction, which awaits regulatory and shareholder approval, is scheduled to close by the end of 2025.
• Post-closing ownership will allocate about 64% to HNI shareholders and 36% to Steelcase investors, and HNI’s board will expand to 12 members with two Steelcase independent directors.
• Jeffrey Lorenger will head the combined company, which is projected to generate approximately $5.8 billion in annual revenue while maintaining both brands and their headquarters.