Story
Schneider Electric Nears €1.27 Billion Deal for Shelly Group, Report Says
Summary
French industrial giant Schneider Electric is reportedly close to acquiring Bulgarian smart-home device maker Shelly Group for approximately €1.27 billion ($1.45 billion), a move that would significantly expand its Internet of Things offerings.
Schneider Electric is nearing an agreement to acquire smart-home technology firm Shelly Group, with a potential offer valuing the company at roughly €1.27 billion ($1.45 billion), according to a Bloomberg News report. Citing people familiar with the matter, the report stated that an official announcement could come as soon as this week.
The Potential Offer
The French industrial technology company has reportedly been discussing an offer of about €70 per share for the Bulgaria-based smart device maker. This valuation, which excludes debt, follows a previous report from Bloomberg in July that first indicated the two companies were in acquisition talks.
Strategic Rationale
AdThe acquisition would significantly bolster Schneider Electric's presence in the smart-home market. Shelly Group specializes in manufacturing devices for the Internet of Things (IoT) sector, including smart sensors, lighting products, and intelligent wall plugs.
This move is seen as a strategic fit to expand Schneider's existing smart-home business and complement its EcoStruxure IoT platform. The EcoStruxure system is currently deployed at approximately 480,000 sites globally, and integrating Shelly's product line would broaden its consumer-facing capabilities.
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