Schneider Electric's planned takeover of Shelly Group has cleared its first review, with homework attached. On 23 October 2026 Shelly announced that Bulgaria's Financial Supervision Commission (FSC) had looked at the offer document and, in a decision dated 22 October, asked the bidder to add and clarify some information. According to Shelly, the requested changes do not touch the main terms, including the price. The bidder has 20 business days to submit a revised document, and the offer can only be published once the FSC approves it.
What is on the table
Shelly is the Sofia-based maker of the Wi-Fi, Bluetooth and Zigbee relays, plugs, meters and sensors that many people use with Home Assistant and other local systems. The deal was announced on 24 September 2026. SE 2026 A SAS, a wholly owned subsidiary of Schneider Electric, intends to pay €70.00 in cash per share, which values Shelly at about €1.2 billion. According to Shelly, that is a 27% premium on the price before the talks became public at the end of July.
The two founders hold about 57% of the shares together and both back the offer:
- co-CEO Dimitar Dimitrov (about 29%) has committed to tender his shares and to reinvest part of the proceeds alongside Schneider, and he is expected to stay on as co-CEO with Wolfgang Kirsch;
- co-founder Svetlin Todorov (about 28%) has agreed to sell all his shares in two tranches, the larger one subject to merger control clearance.
The offer needs at least 95% acceptance and regulatory approval. Closing is expected by the first quarter of 2027. On 5 October Shelly's board called the price fair, backed by an outside fairness opinion.
What Schneider promises
According to the offer as described by Shelly, the bidder intends to keep Shelly's headquarters in Bulgaria, along with its organisation and workforce, including research and development, engineering and sales, for at least three years after the deal closes. Shelly says the deal should help it grow internationally while preserving its "entrepreneurial culture".
The business is growing. Preliminary figures published on 8 October show revenue from Shelly devices and related services up about 30% year on year, to around €112.8 million in the first nine months of 2026.
What it means for owners of Shelly devices
None of the announcements say anything about product plans, firmware, the local API, Matter support or the Shelly cloud. Shelly and Schneider only speak of combining Shelly's platform with Schneider's global reach and energy management expertise. Before closing, the offer still has to pass the FSC review, the acceptance period and the merger control process. Nothing changes for existing devices for now.