Furniture and design titans Herman Miller and Knoll have entered into a definitive agreement under which Herman Miller will acquire Knoll in a cash and stock transaction valued at $1.8 billion. Unanimously approved by the boards of both companies, the deal is slated to close by the end of the third quarter of 2021. The combined companies will have a presence in more than 100 countries—overseeing a total of 19 brands, 64 showrooms, and more than 50 retail locations.

“This transaction brings together two pioneering icons of design with strong businesses, attractive portfolios, and long histories of innovation,” says Herman Miller president and CEO Andi Owen. “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.”

Following the close of the transaction, Owen will serve as president and CEO of the united company, while Knoll chairman and CEO Andrew Cogan will step down from his position after three decades.

“This combination validates the strategic direction and our success in building a preeminent constellation of design-driven brands and leaders, and is a testament to the achievements of the entire Knoll team in bringing a contemporary perspective to how we work and live,” Cogan adds. “Our clients, the design community, and dealers will have access to an expanded, exceptional portfolio of brands through enhanced channels. And our associates will benefit as part of a larger and more diversified company with a shared design legacy.”

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