Abstract:
JD.com Group issued an announcement on November 12, announcing the completion of a voluntary public tender offer for European consumer electronics retail group CECONOMY. CECONOMY is the parent company of European consumer electronics retail chains MediaMarkt and Saturn. JD.com, through its wholly-owned indirect subsidiary JINGDONG HOLDING GERMANY GMBH, acquired 59.8% of CECONOMY's share capital and voting rights for a total consideration of 1.335 billion euros, with a cash consideration of 4.60 euros per share. The target has been incorporated into Jingdong's consolidated statements since November 12.
According to the announcement, JD.com’s partner Convergenta retains 25.3% of CECONOMY’s shares, and the two parties hold a total of 85.2% of the shares. Before the completion of this transaction, delivery conditions such as concentration of operators, foreign investment and EU foreign subsidy review have been met. The offer was first disclosed on July 30, 2025, and took approximately 15 months to complete.
CECONOMY operates more than 1,000 stores in 11 markets and has more than 50,000 employees; it has 2.2 billion annual customer contacts and more than 53 million loyal members. JD.com’s official announcement stated that CECONOMY will maintain independent operations and retain its local independent technology stack. There is currently no personnel, employee agreement or site adjustment plan.
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