Steelcase To Be Acquired by HNI Corp for $2.2 Billion in Cash and Stock Deal

HNI Corporation (HNI) entered a merger agreement on August 4, 2025, to acquire Steelcase Inc. (SCS) in a cash and stock deal valued at $2.2 billion.

Deal Structure:

Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase they own, representing the implied per share purchase price of $18.30, which is at a 79.76% premium from the stock’s last close.

Company Profile:

Steelcase is a global leader in workplace design, offering furniture, architectural products, and workplace solutions for offices, education, healthcare, and home environments through a portfolio of brands and a broad dealer network.

HNI is a manufacturer of workplace furnishings and residential building products, offering office furniture under multiple brands and a wide range of fireplaces and stoves for home use.

Deal Details and Timeline:

After the deal closes, HNI shareholders will own about 64% of the combined company, while Steelcase shareholders will own about 36%.

HNI expects the merger to significantly boost non-GAAP earnings per share starting in 2027.

HNI CEO Jeffrey Lorenger will continue to lead the combined company. HNI will keep its corporate headquarters in Muscatine, Iowa, while Steelcase will continue to operate from its headquarters in Grand Rapids, Michigan.

HNI’s Board of Directors will grow from 10 to 12 members, adding two current independent board members from Steelcase.

The deal is expected to close by the end of 2025.

JPMorgan Chase and Wells Fargo have issued a commitment letter to provide financing support to HNI.

Goldman Sachs and BofA Securities are serving as financial advisors to Steelcase, with legal advice from Skadden, Arps, Slate, Meagher & Flom. For HNI, J.P. Morgan Securities is the financial advisor, and Davis Polk & Wardwell is providing legal counsel.

HNI Corporation is paying 10.96 times EBITDA for Steelcase.

Deal Metrics:

For a deeper understanding of the financial dynamics and other details of this merger, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Steelcase Inc. (SCS) by HNI Corporation (HNI)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Updates on every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

Disclaimer: This article is intended for informational purposes only. It is not a call to make any exchange of securities. We recommend conducting your own comprehensive due diligence before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article