The French electrical systems and automation company „Schneider Electric“ (Schneider Electric) announced that it has reached an agreement to acquire the Bulgarian technology company „Shelly Group“ (Shelly Group) for 1.2 billion euros. This was announced today by „Schneider Electric“, specifying that the entire amount under the agreement will be paid in cash, BTA reported.
„Schneider Electric“ confirmed its intention to make a voluntary offer to acquire “Shelly Group“, which is subject to approval by the Bulgarian regulator, the announcement states.
The deal is expected to be finalized by the end of the first quarter of 2027.
The offer foresees the French company paying 70 euros per share for all shares of “Shelly Group“ that it does not already own, and will be subject to a minimum acceptance threshold of 95 percent of the share capital of the Bulgarian company. This will allow “Schneider Electric“ to acquire full ownership through a subsequent purchase of the shares of the remaining shareholders, the company added.
The deal was welcomed by “Shelly Group“ and its two founders Dimitar Dimitrov and Svetlin Todorov, who together own approximately 57 percent of the company's capital and have agreed to sell their shares under certain conditions as part of the overall transaction.
It is expected that Dimitar Dimitrov will accept the tender offer in respect of the shares he holds, representing approximately 29 percent of the company's capital, and will reinvest part of the proceeds jointly with “Schneider Electric“ for a period of at least three years.
In parallel, “Schneider Electric“ has agreed to acquire from Svetlin Todorov approximately 28 percent of the company's capital, currently owned by him personally and through his own company “Salisto Holdings“ (Salisto Holdings).
The tender offer will be registered with the Financial Supervision Commission (FSC), Schneider Electric said. Following the successful completion of the FSC review process, the full terms and conditions will be published in accordance with applicable laws and regulations, after which the period for acceptance by shareholders will begin.
The acquisition would combine Shelly Group's software-based home energy management platform with Schneider Electric's technological leadership in residential, retrofit and small commercial properties.
At the end of July, Shelly Group announced that it was in preliminary talks with Schneider Electric (Schneider Electric SE) regarding a potential commercial offer for the shares of the Bulgarian company.