February 22 (SeeNews) - Bulgarian IoT products maker Shelly Group [BUL:SLYG; FRA:SLYG] said on Thursday that it exercised a call option to purchase an additional 16% stake in its Slovenian unit Shelly Tech, formerly known as GOAP, for some 586,666 euro ($634,128).
The move marks the second phase of Shelly Group's acquisition of the Slovenian firm, based on an option agreement with three individual target company shareholders, the Bulgarian company said in a bourse filing.
You can subscribe to our M&A newsletter here
The remaining 24% stake in Shelly Tech, held by the three partners, is subject to an additional call/put option, which can be exercised in 2026 under the agreed terms.
Shelly Group, previously Allterco, acquired 60% of Shelly Tech for 2 million euro last January in the first stage of its agreed takeover of the Slovenian company.
As of 1603 CET on Thursday, shares in Shelly Group traded 1.72% higher at 59.00 levs ($32.6/30.2 euro) on the Bulgarian Stock Exchange.
($ = 0.9252 euro)