Full Breakdown
Schneider Electric Moves to Acquire Bulgarian Smart-Home Maker Shelly Group
By Drooid · · How we work
Core Transaction
On September 24 2026, Schneider Electric announced a voluntary public tender offer for all Shelly Group SE shares at €70 cash per share, valuing the company at roughly €1.2 billion—a 27 % premium to the July 28 2026 reference price and 22 % to the September 23 price. The deal is expected to close in Q1 2027, subject to regulatory clearance and a 95 % shareholder acceptance threshold.
Background & Context
Shelly Group, based in Sofia, develops IoT and smart-building products such as plugs, meters, locks and cameras. Since 2022 it has grown revenue by more than 40 % annually and sells in over 100 countries, with a strong presence in German-speaking markets. The company listed on the Bulgarian Stock Exchange in 2016 and added a Frankfurt listing in 2021, joining the SDAX index. Schneider Electric, a French industrial-technology leader valued at about €165 billion, is expanding its “smart buildings” strategy and competes with Legrand, Plejd and ABB.
Timeline
- July 28 2026: Unaffected reference price established.
- July 29 2026: Market rumors placed the reference price at €55.2 per share.
- September 23 2026: Updated reference price calculated at €57.5 per share.
- September 24 2026: Investment Agreement signed; €70 per-share cash offer announced.
- Late 2026: Expected clearance by the Bulgarian Financial Supervision Commission (FSC).
- Q1 2027: Anticipated closing, pending shareholder approval and regulatory sign-off.
Data & Statistics
- Offer price: €70 cash per share.
- Valuation: €1.2 billion (Schneider) vs. €1.27 billion (Bloomberg).
- Premiums: 27 % above July 28 price; 22 % above September 23 price.
- Founders’ holdings: Dimitar Dimitrov (~29 %) and Svetlin Todorov (~28 %) control roughly 57 % of Shelly and have conditionally agreed to sell.
- Revenue growth: >40 % annual increase since 2022.
- Geographic footprint: DACH, Benelux, Nordics, Iberia, Poland, Italy, France, UK, Bulgaria, Slovenia, United States, China.
Official Statements & Responses
Co-CEO and Co-Founder Dimitar Dimitrov said the partnership would let Shelly’s technology reach more homes while keeping its Bulgarian roots. Co-CEO Wolfgang Kirsch noted the deal merges Shelly’s open-technology platform with Schneider’s scale. The Shelly Board indicated the transaction appears to be in the interests of shareholders and stakeholders.
Why It Matters
The acquisition gives Schneider direct access to Shelly’s hardware, cloud services and European distribution network, strengthening its position in the connected-home market and enhancing its residential energy-management portfolio. For Shelly, the deal provides resources to scale internationally while retaining R&D and staff in Bulgaria for at least three years.
Conflicting Reports & Gaps
Reuters cites an all-cash valuation of about €1.2 billion, while Bloomberg reports €1.27 billion. The discrepancy stems from different treatments of debt and adjustments, which have not been disclosed.
What’s Next
After FSC clearance expected by late 2026, the offer will be formalised. Shareholders must meet the 95 % acceptance threshold. Upon completion, Schneider plans to seek full ownership of Shelly and may consider a delisting, subject to legal and regulatory approvals.
