Archive · 4 Aug 2025
HNI to Acquire Steelcase for $2.2B Amid Office Return
Imagine two big furniture companies, HNI and Steelcase.
HNI wants to buy Steelcase for a lot of money!
This is happening because more people are being asked to go back to their offices instead of working from home.
Steelcase makes office furniture, so HNI thinks this will be a good business move.
Steelcase shareholders will get some cash and some shares in HNI.
The deal is worth about $2.2 billion.
Together, the new company should make a lot of money, around $5.8 billion a year.
The deal is expected to be done by the end of 2025.
HNI Corp. to acquire Steelcase for approximately $2.2 billion.
Steelcase shareholders will receive $7.20 in cash and HNI stock per share.
The acquisition aims to capitalize on the return-to-office trend.
The combined company is projected to have $5.8 billion in annual revenue.
The deal is expected to close by the end of 2025.
- Who
- HNI Corp. is buying Steelcase.
- What
- HNI Corp. is acquiring Steelcase.
- When
- The deal is expected to close by the end of 2025.
- Where
- HNI is based in Muscatine, Iowa, and Steelcase is based in Grand Rapids, Michigan.
- Why
- To capitalize on the return-to-office trend and increase revenue.
Shareholder Reaction
Market Response
Stock Performance
Shareholder Reaction
HNI shares fell 25% in premarket trading.
Market Response
Steelcase shares rose 45% in premarket trading.
- Acquisition Value
- $2.2 billion
- Steelcase Shareholders
- $7.20 cash + HNI stock per share
- Combined Revenue
- $5.8 billion (pro forma)
- Steelcase Revenue (2024)
- $3.2 billion
- Steelcase Net Income (2024)
- $81.1 million
- Closing Date
- Expected by end of 2025