Two giants merge: HNI acquires Kimball for $485M

MUSCATINE, Iowa – Office and contract furniture giant HNI Corp. has acquired Kimball, another big player in the office furniture space. The cash and stock transaction is valued at $485 million.

Under the terms of the agreement, Kimball shareholders will receive $9 in cash and 0.1301 shares of HNI common stock for each share of Kimball International common stock they own. As a result of the transaction, Kimball shareholders will own approximately 10% of the combined company.

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