Sources: Schneider Electric is nearing a deal to acquire Bulgaria-based smart home device maker Shelly Group at a €1.27B valuation, excluding debt (Bloomberg)
Schneider Electric SE is nearing an agreement to acquire Shelly Group SE, a maker of smart devices for the home, according to people familiar with the matter.
Schneider Electric is nearing a deal to acquire Shelly Group, a Bulgaria-based smart home device maker. The deal values Shelly Group at €1.27 billion, excluding debt, according to Bloomberg.
The acquisition would add to Schneider Electric's presence in the smart home market. Shelly Group makes a range of smart devices for homes.
Details of the deal, including its timing and terms, are not specified in the reports. Schneider Electric and Shelly Group have not made an official announcement on the matter.
Brief written by urgent.news from Techmeme, Investing.com, Bloomberg — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
