Steelcase Surges 62.87% on $340M Trading Volume Ranking 319th as HNI Announces $2.2B Acquisition Deal

Steelcase (SCS) surged 62.87% on August 4, with a trading volume of $340 million, ranking 319th in the market. The sharp rally followed HNI Corporation’s announcement to acquire Steelcase in a $2.2 billion cash-and-stock deal. Under the terms, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI per SCS share, implying a $18.30 per share value. The transaction, expected to close by year-end 2025, aims to combine complementary dealer networks and brand portfolios to expand customer reach across sectors including healthcare, education, and corporate environments.

The merger is projected to deliver $120 million in annual cost synergies and create a combined entity with pro forma revenue of $5.8 billion. HNI emphasized the strategic alignment with accelerating in-office work trends, enhancing operational capabilities, and leveraging shared values to drive long-term shareholder value. Post-closing, HNI shareholders will own 64% of the combined firm, while Steelcase shareholders will retain 36%. JPMorgan and Goldman Sachs are serving as financial advisors to HNI and Steelcase, respectively.

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