Electronics: Schneider Electric buys smart home provider Shelly
The French electrical group values the Bulgarian manufacturer of connected devices at around €1.2 billion. The founders of Shelly support the takeover.
Schneider Electric has announced the acquisition of Smart-Home company Shelly Group. The French conglomerate disclosed the purchase of the Bulgarian manufacturer of smart home devices on Thursday, valuing Shelly at approximately 1.2 billion euros ($1.4 billion) excluding debt. French company Schneider Electric announced it would make an offer of 70 euros per share to acquire the company, according to Thursday's statement.
The offer price is 8.7 percent above Shelly's closing price on Tuesday in Frankfurt and 20 percent above the level at the end of July. Shelly's shares are traded in Frankfurt and Sofia, with the largest shareholders being co-founders Dimitar Stoyanov Dimitrov and Svetlin Iliev Todorov, who together hold 57 percent of the shares.
Both have supported the takeover, Schneider Electric confirmed. Shelly is active in the Internet of Things (IoT) - an ecosystem of interconnected products designed to automate everyday life at home. The company's offerings include intelligent sensors, lighting systems, and smart plugs, as seen on Shelly's website.
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