HNI Corporation Acquires Steelcase Inc. in $2.2 Billion Cash-and-Stock Deal

Steelcase Inc. Acquires HALCON Furniture

May 5, 2022

Manufacturing

Steelcase Inc. signed a definitive agreement to acquire HALCON, a Stewartville, Minnesota-based designer and manufacturer of precision wood office furniture, for $127.5 million plus up to $9.5 million of contingent consideration. HALCON reported approximately $70 million of revenue over the trailing twelve months through April 2022 and a backlog near $56 million; the transaction is expected to close in Steelcase's second quarter of fiscal 2023.

HNI Corporation Acquires Kimball International

June 1, 2023

Manufacturing

HNI Corporation has completed the acquisition of Kimball International in a cash-and-stock transaction valued at approximately $485 million. The deal combines two commercial furnishings businesses to create a larger platform with broader product offerings and expected cost synergies.

Herman Miller Acquires Knoll, Creating Market Leader in Modern Design

July 19, 2021

Manufacturing

Herman Miller completed its previously announced acquisition of Knoll, Inc., combining the two companies into a global leader in modern furniture and design. The transaction converted each Knoll share into 0.32 Herman Miller shares plus $11.00 in cash, leaving Herman Miller shareholders with about 78% of the combined company and Knoll shareholders with about 22%.

Nippon Steel Acquires U. S. Steel for $14.9 Billion with US ‘Golden Share’

June 18, 2025

Industrial Services

Nippon Steel Corporation agreed to acquire U. S. Steel in an all-cash transaction for $55.00 per share, valuing the enterprise at about $14.9 billion. The deal closed after U.S. national security requirements led to a National Security Agreement and issuance of a Golden Share granting the U.S. government enhanced consent/veto rights over certain major actions.

Acerinox (via North American Stainless) Acquires Haynes International

February 5, 2024

Manufacturing

Acerinox entered into a definitive agreement to acquire Haynes International in an all-cash transaction valued at about $970 million enterprise value. Acerinox will buy all outstanding shares of Haynes for $61.00 per share through its wholly owned U.S. subsidiary, North American Stainless (NAS), and plans to invest about $200 million over four years in the combined U.S. operations, mostly in Kokomo, Indiana.

Mitsubishi HC Capital Acquires CAI International

June 17, 2021

Transportation

CAI International agreed to be acquired by Mitsubishi HC Capital Inc. (MHC) in an all-cash transaction valued at $1.1 billion equity value ($2.9 billion enterprise value), paying $56.00 per share to CAI shareholders. CAI stockholders approved the merger, and the deal is expected to close in late Q3 or early Q4 2021, after customary closing conditions including a required “migration” of certain subsidiaries to the United States.