HNI closes $1.92B acquisition of Steelcase; pro forma net sales $5.69B in FY2024

HNI CORP

Total purchase consideration $1.92B; Steelcase shareholders got $7.20 cash + 0.2192 HNI shares per share.
Pro forma combined net sales $5.69B (FY2024) and $4.41B (nine months ended Sep 27, 2025).
Pro forma net income $75.5M (FY2024 diluted EPS $1.00) and $143.0M (nine-month diluted EPS $1.93).
Recorded $497.7M goodwill and $590M fair value of identifiable intangible assets.
HNI issued $935.9M in 5.125% Notes due 2029 to finance the deal; transaction costs $124.5M.

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