On December 5, 2025, HNI Corporation revealed their acquisition of Steelcase, Inc. that was announced on August 4, 2025. The deal, conducted in a mix of cash and stock, is a significant move marked by a definitive agreement between the two companies. As part of this acquisition, HNI initiated an exchange offer for all existing 5.125% Notes due 2029 from Steelcase. The offer allows for the exchange of these notes for new notes from HNI, with a total value of up to $450,000,000 in aggregate principal amount. This acquisition marks a strategic development in the business world, as two major corporations solidify their partnership in a lucrative deal.