Chinese ecommerce company JD.com has announced a voluntary public takeover offer for all outstanding shares of Ceconomy, the German parent company of MediaMarkt and Saturn, in a deal that values the European electronics retailer at about €2.2 billion.

JD.com’s wholly-owned subsidiary, Jingdong Holding Germany GmbH, will offer €4.60 per share to Ceconomy shareholders. The proposed transaction, which has been backed by Ceconomy’s management and supervisory boards, represents a 23 per cent premium over Ceconomy’s share price before news of the deal emerged. The deal is expected to be completed in the first half of 2026, subject to regulatory approvals.

Under the terms of the agreement, JD.com aims to maintain Ceconomy’s existing corporate structure for at least five years and will not enter into “domination or profit-and-loss transfer agreements” for three years. Ceconomy’s headquarters in Düsseldorf and its brands, MediaMarkt and Saturn, will remain in place, and JD.com has pledged that there will be no compulsory redundancies for three years following the closing of the transaction.

Sandy Xu, JD.com’s chief executive officer, said, “This partnership with Ceconomy will build Europe’s leading next-generation consumer electronics platform. Ceconomy’s market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate Ceconomy’s ongoing transformation.

“Our goal is to further grow Ceconomy’s platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of Ceconomy and look forward to working together to initiate the next phase of growth”

Kai-Ulrich Deissner, Ceconomy’s chief executive officer, stated, “With JD.com’s outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, Ceconomy operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option.

“In the coming years, we don’t just want to keep pace with the transformation in European retail – we want to continue leading it. JD.com is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with JD.com to strengthen European retail, based on complementary strengths and shared values”

The largest shareholder group, Convergenta, will reduce its stake to 25.35 per cent after the transaction but will remain a long-term investor. Strategic investors including Haniel, Beisheim, BC Equities, and Freenet have also agreed to sell their shares as part of the deal.

The acquisition is set to give JD.com a significant foothold in the European market, with Ceconomy operating over 1,000 stores in 11 countries and generating €22.4 billion in revenues in its last financial year.

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