MUSCATINE, Iowa (KWQC) - HNI Corporation has acquired Steelcase Inc., the company announced Wednesday.

HNI said the combination of the two manufactures of officer furniture is expected to bring in annual revenue of $5.8 billion.

HNI said it will keep its headquarters in Muscatine. Steelcase Inc. will keep its headquarters in Grand Rapids, Michigan.

Steelcase shareholders will receive either:

$7.20 in cash and 0.2192 shares of HNI common stock

$16.19 in cash and 0.0009 shares of HNI common stock

0.3940 shares in HNI common stock

MORE INFO: HNI to purchase Steelcase Inc., HNI’s headquarters to remain in Muscatine

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