By Vanderbiltreport Team | September 24, 2026
Schneider Electric (Euronext Paris: SU) has agreed to acquire Bulgarian smart-device maker Shelly Group SE through a voluntary public takeover offer. The offer is €70.00 per share in cash, and Schneider puts the company’s value at about €1.2 billion.
Shelly’s two co-founders together hold about 57% of the shares, and both are backing the offer. The announcement on September 24, 2026 ends two months of speculation about the Schneider Electric Shelly Group acquisition, which Bloomberg first reported in late July.
Schneider Electric Shelly Group Acquisition: Deal Terms at a Glance
Verified facts (from Schneider Electric’s announcement and Shelly Group’s disclosure):
| Term | Detail |
|---|---|
| Offer price | €70.00 per share, all cash |
| Implied equity value | About €1.2 billion (per Schneider). Media reports cited about €1.27 billion. |
| Premium to unaffected price | 27% vs. €55.20 (July 28, 2026, before the talks were reported) |
| Premium to recent price | 22% vs. €57.50 (September 23, 2026) |
| Minimum acceptance | 95% of outstanding share capital |
| Regulator | Bulgaria’s Financial Supervision Commission (FSC), plus merger-control clearances |
| Expected closing | By the first quarter of 2027 |
| Advisers | Deutsche Bank (financial); UniCredit Bulbank (Bulgarian intermediary); Boyanov & Co. and Bredin Prat (legal) |
How the Founders Are Participating
The two co-founders are taking part in different ways:
- Dimitar Dimitrov (co-founder and Co-CEO, about 29% of shares) has committed to tender his shares. He will reinvest the proceeds alongside Schneider Electric for at least three years.
- Svetlin Todorov (co-founder, about 28% held directly and through Salisto Holdings) will sell in two tranches. Schneider buys an initial 5% block now and about 23% more once merger clearances are obtained.
The disclosures also say Shelly will keep its entrepreneurial culture and its Bulgarian operations for at least three years after closing.
Why Schneider Wants Shelly
Company statements. Frederic Godemel, Executive Vice President of Energy Management at Schneider Electric, said: “By combining Shelly’s software-led home energy platform with Schneider Electric’s technology leadership, we unlock the next level of Energy Intelligence across residential, retrofit and small commercial buildings.”
Shelly’s board has formed “a preliminary view that the offer was in the interests of the company, shareholders, employees and other stakeholders,” Investing.com reported.
Analysis. Shelly makes Wi-Fi and Bluetooth relays, switches, plugs, sensors and lighting products. They are widely used in retrofit installations, where existing homes and small buildings are upgraded without rewiring. Schneider already sells energy-management systems and its EcoStruxure IoT platform. Buying Shelly gives it a fast-growing installer channel and a large base of connected devices in homes and small buildings.
Shelly Group by the Numbers
Shelly Group (formerly Allterco) is based in Sofia. Its shares are listed in Bulgaria and on Germany’s Xetra. The company’s first-half 2026 report, published August 12, showed:
| Metric | H1 2026 | Change vs. H1 2025 |
|---|---|---|
| Revenue | €68.3 million | +26.5% |
| EBIT | €17.7 million | +45.6% |
| EBIT margin | 26.0% | up from 22.6% |
| Net profit | €15.4 million | +51.4% |
| EPS | €0.85 | up from €0.56 |
Shelly’s full-year 2026 guidance calls for revenue of €195–205 million and EBIT of €47–52 million. These are company forecasts, not results.
Capital.bg reported that more than 90% of Shelly’s revenue comes from Europe, and that the DACH region (Germany, Austria and Switzerland) accounts for over 40% of sales.
How the Deal Came Together
- July 29, 2026: Bloomberg reports that Schneider is in talks to buy Shelly. Shelly shares jump more than 10%.
- September 24, 2026: The two companies sign an investment agreement, and Schneider announces the €70-per-share offer.
What Happens Next
- Offer filing. Schneider will file the tender offer with Bulgaria’s FSC. The acceptance period starts only after the FSC reviews the offer document and it is published. The companies expect FSC clearance by late 2026.
- Merger control. The second Todorov tranche, about 23%, depends on merger-control approvals.
- 95% threshold. The offer only succeeds if at least 95% of shares are tendered. That level would allow a squeeze-out of remaining holders and a possible delisting, subject to applicable rules.
- Closing. Targeted by the first quarter of 2027.
The outcome depends on regulatory approvals and on shareholders tendering enough shares. Vanderbiltreport.com makes no prediction about whether the offer will succeed.
Sources
- Schneider Electric: Voluntary public takeover offer for Shelly Group (EQS)
- Shelly Group: Investment agreement with Schneider Electric (EQS)
- Shelly Group: H1 2026 results
- Investing.com: Shelly Group confirms Schneider €70/share bid
- Bloomberg: Schneider Electric in talks to buy Shelly (July 29, 2026)
- Capital.bg: Schneider Electric in talks to acquire Shelly Group
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