Schneider Electric Announces €1.2 Billion Takeover Bid for Shelly Group
Schneider Electric's Acquisition of Shelly Group: Key Details and Market Impact
Overview of the Takeover Bid
Sept 24 (Reuters) - France's Schneider Electric said on Thursday it intended to launch a voluntary public takeover offer for Bulgarian smart-home device maker Shelly Group for €70 per share.
The all-cash offer values Shelly at about €1.2 billion ($1.4 billion) and is expected to close by the first quarter of 2027, Schneider said in a statement.
Offer Premium and Valuation
The offer price represents a 27% premium to Shelly's unaffected reference price as of July 28, and is 22% above its current reference price.
Shareholder Agreements
Founders' Conditional Agreement
Shelly's two founders, Dimitar Dimitrov and Svetlin Todorov, hold roughly 57% of the share capital between them. Both have conditionally agreed to sell.
Strategic Implications for the Connected Home Market
The deal would push Schneider deeper into the connected home market, where it competes with French rival Legrand, Sweden's Plejd and Switzerland's ABB.
Financial Context
($1 = 0.8790 euros)
Reporting Credits
(Reporting by Danny Callaghan, Nathan Vifflin in Gdansk, editing by Milla Nissi-Prussak)
