EAST GREENVILLE, Pa. - Herman Miller, Inc. has acquired Montgomery County furniture firm Knoll Inc. for $1.8 billion.
The two companies made the announcement Monday.
The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close by the end of the third quarter of calendar year 2021, subject to the satisfaction of closing conditions.
Under the terms of the agreement, Knoll shareholders will receive $11.00 in cash and 0.32 shares of Herman Miller common stock for each share of Knoll common stock they own. Herman Miller shareholders will own approximately 78% of the combined company and Knoll shareholders will own approximately 22%.