HNI to acquire Steelcase in $2.2B deal to unlock opportunities

MUSCATINE, Iowa – HNI Corporation has agreed to buy Steelcase Inc., and merge the two companies “to capture industry tailwinds and unlock new opportunities” expected as its customers’ workforces return to the office. 

HNI announced Monday, Aug. 4, it will purchase the Grand Rapids, Michigan-based office furniture maker in a cash-and-stock deal valued at about $2.2 billion. Under the agreement, Steelcase shareholders will receive $7.20 in…