Herman Miller Has Acquired Knoll for $1.8 Billion
American furniture design giant Herman Miller has announced that it is acquiring Knoll in a cash-and-stock transaction valued at $1.8 billion (about P87.17 billioon).
The transaction is expected to close by the third quarter of this year. Once the deal finishes, Herman Miller shareholders will own 78 percent of the combined entity. While Knoll shareholders will receive $11 in cash and 0.32 shares of Herman Miller common stock for each share they own.
In a statement, Herman Miller CEO and president Andi Owen said that the transaction would bring the iconic furniture brands together to create the pre-eminent leader in modern design. He added that dealers and customers will benefit from the transaction as the combined portfolio will delivery efficiency and utility.
"As distributed working models become the new normal for companies, businesses are reimagining the office to foster collaboration, culture, and focused work, while supporting a growing remote employee base. At the same time, consumers are making significant investments in their homes," Owen said.
He continued, "With a broad portfolio, global footprint, and advanced digital capabilities, we will be poised to meet our customers everywhere they live and work. Together, we will offer a deep portfolio of brands, technology, talent, and innovation, to create meaningful growth opportunities in all areas of the combined business."
Knoll CEO and chairman Andrew Cogan will reportedly step down once the deal closes as Owen becomes the president and CEO of the combined company.
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