M&A · Industrials · Office Furniture (No Wood)
HNI Corp to acquire Steelcase Inc
Announced Aug 4, 2025 · Closed Dec 11, 2025
Deal value$2.20BEV $2.20B
Premium—To unaffected price
EV / Adj. EBITDA9.2x0.7x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- HNI Corp (HNI)
- Target
- Steelcase Inc (SCS)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $2.20B
- Status
- Closed Dec 11, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Wells Fargo, HSBC
Advisors
- To the acquirer
- JPMorgan
- To the target
- Goldman Sachs, BofA Securities
- JPMorgan fee
- $17.3M
- BofA Securities fee
- $10.9M
Sector context · Industrials
- Comparable deals
- 97 in the prior 24 months
- Premium
- Sector median 39.0%
- EV / Adj. EBITDA
- 9.2x vs. 9.8x sector median
- Break fee
- Sector median 2.7%
Timeline
- AnnouncedAug 4, 2025
- Proxy filedNov 5, 2025
- Definitive proxyNov 5, 2025
- Shareholder voteDec 5, 2025
- ClosedDec 10, 2025
Valuation · fairness opinions
Precedent transactionsJPMorgan$19.15$29.15
Trading comparablesBofA Securities$10.25$14.50
Trading comparablesBofA Securities$14.00$25.00
Discounted cash flowBofA Securities$14.00$19.75
Analyst price targetsBofA Securities$15.00$18.00
Analyst price targetsBofA Securities$13.50$16.25
Implied value per Steelcase Inc share by analysis, from JPMorgan and BofA Securities · DCF discount rate 8%–9%.