JD.com seals €1.335bn CECONOMY takeover

JD.com has completed its voluntary public takeover offer for CECONOMY AG, acquiring 59.8% of the retailer’s share capital and voting rights. The cash consideration for the stake totals EUR 1,335 million, based on an offer price of EUR 4.60 per share. The offer was made through JINGDONG HOLDING GERMANY GMBH, an indirect wholly owned subsidiary of JD.com. With the closing of the transaction, CECONOMY becomes a subsidiary of JD.com and its financial results are consolidated into JD.com’s financial statements from November 12, 2026.

Alongside JD.com’s newly acquired stake, partner Convergenta retains 25.3% of CECONOMY. This brings the combined shareholding in the European electronics retailer to 85.2%. All offer conditions were fulfilled before completion, including merger control clearances, foreign investment clearances and EU foreign subsidies clearance. The transaction formalizes a new ownership structure while placing CECONOMY under JD.com’s control as the majority shareholder.

The acquisition terms specify that CECONOMY will continue to operate as a stand-alone business in Europe. The company will maintain its local independent technology stack rather than being integrated into JD.com’s systems. Management has indicated that no changes are planned to the workforce, existing employee agreements or physical sites. CECONOMY’s brands are expected to be preserved under this framework while operating under JD.com’s majority ownership.

CECONOMY runs more than 1,000 consumer electronics stores across 11 markets under the MediaMarkt, Saturn and MediaWorld brands, alongside its online retail operations. In 2025, the business recorded 2.2 billion annual customer contacts and counted 53 million loyalty members, supported by a workforce of more than 50,000 employees. These scale metrics now feed into JD.com’s consolidated reporting following the takeover.

The completed deal adds a large European consumer electronics network to JD.com’s consolidated portfolio. JD.com’s role includes providing supply chain and logistics infrastructure to support CECONOMY’s omni-channel platform across European markets. By consolidating CECONOMY from November 12, 2026, JD.com incorporates the retailer’s extensive store base, customer relationships and loyalty programs into its group results.

Before completion, the takeover was subject to multiple regulatory approvals. These included merger control assessments, foreign investment reviews and EU foreign subsidies scrutiny. With these clearances obtained, JD.com has finalized the cash-funded transaction and established a majority ownership position in CECONOMY while keeping the European business operationally independent.