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HNI Corporation has announced a definitive agreement to acquire Steelcase Inc. in a cash-and-stock deal valued at approximately $2.2 billion. Steelcase shareholders will receive a mix of cash and HNI stock, with the transaction expected to close by the end of 2025.

Following the merger, HNI investors are projected to own around 64% of the combined entity, while Steelcase shareholders will retain 36%. This acquisition aims to enhance HNI's position in the building products and office furniture sectors.