Schneider Electric to offer EUR 70 per share for Bulgaria's Shelly Group

Sofia-based Shelly Group SE, a provider of IoT and smart building solutions, said on 24 September that it has entered into an Investment Agreement with SE 2026 A SAS, a wholly owned subsidiary of Schneider Electric SE, setting out the terms for a voluntary public tender offer for all of its shares.

Schneider Electric intends to offer EUR 70.00 in cash per share, valuing Shelly Group at approximately EUR 1.2 billion — a premium of 27% to the reference price as of 28 July 2026 and of 22% to the reference price as of 23 September 2026.

The transaction is expected to combine Shelly's technology platform and customer proximity with Schneider Electric's global reach, resources and energy-management expertise, while preserving Shelly Group's culture, organization and workforce in Bulgaria.

Board and founders back the offer

Shelly Group's Board of Directors has taken the preliminary view that the deal, at that price, would be in the interests of the company, its shareholders, employees and other stakeholders. Both founding shareholders, who together hold approximately 57% of the capital, support the offer.

Co-CEO and co-founder Dimitar Dimitrov, who holds about 29% of the shares, has committed to tender his stake and reinvest part of the proceeds alongside Schneider Electric, and is expected to remain co-CEO with Wolfgang Kirsch. Co-founder Svetlin Todorov, holding roughly 28% directly and via Salisto Holdings, has agreed to sell his entire stake in two tranches: 5% of the capital and about 23% subject to merger-control clearance.

"With Schneider Electric, we see the opportunity to combine Shelly's entrepreneurial culture, open technology platform and customer proximity with global reach and additional resources, while remaining firmly anchored in Bulgaria," said co-CEO Wolfgang Kirsch.

Timeline and conditions

The offer is subject to regulatory approvals and a minimum acceptance threshold of 95% of Shelly Group's share capital. The bidder is expected to register it with Bulgaria's Financial Supervision Commission within three business days; clearance is expected by late November or early December 2026, with closing by the first quarter of 2027.

If the offer succeeds, Schneider Electric intends to take steps toward full ownership and a possible delisting. The Investment Agreement provides for Shelly's headquarters, geographic footprint and workforce in Bulgaria to be maintained, with engineering and R&D remaining central.

The company behind the deal

Shelly Group makes IoT and smart building solutions for DIY and professional users — devices for remote control, automation and energy management via smartphones, PCs or third-party systems. It also earns revenue from cloud applications and uses contract manufacturers to keep production asset-light. Its products are sold in more than 100 countries, and this year the company became the first Bulgarian firm to join Germany's SDAX; it is listed on the Bulgarian and Frankfurt stock exchanges under the ticker SLYG.