French global energy technology group Schneider Electric has announced that it has reached an agreement with Shelly Group and the company’s two founding shareholders, Dimitar Dimitrov and Svetlin Todorov, to acquire the Bulgarian IoT and smart-building solutions provider in serries of transactions, involving a voluntary tender offer, valued overall at EUR 1.2 billion. It is reported to be the largest private deal in Bulgaria ever.
Our member firm BOYANOV & Co. is acting as lead legal counsel on corporate matters for Schneider Electric alongside French firm Bredin Prat, underscoring the firm’s continued role in advising on major innovative cross-border M&A transactions involving Bulgarian companies. Deutsche Bank AG is acting as sole financial advisor to Schneider Electric, while UniCredit Bulbank AD is serving as the Bulgarian licensed investment intermediary on the tender offer.
The tender offer will be filed with the Bulgarian Financial Supervision Commission (FSC), with its full terms to be published once regulatory review is complete. Successful completion is conditional on Schneider Electric acquiring more than 95% of Shelly’s share capital, enabling a subsequent squeeze-out of remaining shareholders and delisting from the public companies register. The transaction, subject to customary regulatory approvals, is expected to close by Q1 2027.
The BOYANOV & Co. team is led by Yordan Naydenov, Partner, and includes Peter Petrov, Partner, Ralitza Nedkova, Principal Associate, Mihail Vishanin, Counsel, Senior Associates Teodora Atanasova and Adriana Bakalova, Associates Teodora Peycheva, Denitsa Vassileva and Deyvid Iliev, and Demetra Domuschieva.