Chinese ecommerce powerhouse JD.com has made a bold move into the European market with a €2.2 billion takeover offer for German electronics retailer Ceconomy, in what is poised to be one of the largest Chinese acquisitions in Europe in recent years.
The Beijing-based firm announced on Wednesday that it had submitted a voluntary cash offer of €4.60 per share for Ceconomy, representing a 23% premium over the company’s share price prior to reports of the potential deal. Ceconomy’s management and supervisory board have expressed support for the proposal.
Ceconomy, known for operating over 1,000 electronics stores under the MediaMarkt and Saturn brands, reported €22.4 billion in revenue in the 2023–24 financial year. Around 25% of its sales are derived from online channels, a factor JD.com is looking to amplify through its digital expertise.
If approved, the acquisition would surpass Tencent’s €1.5 billion acquisition of Polish game developer Techland in 2024, making it the largest Chinese retail industry transaction in Europe in recent memory, according to data from Rhodium Group and Merics.
Strategic Assurances
To address regulatory scrutiny and labor concerns, JD.com has pledged to:
- Maintain Ceconomy’s corporate structure for at least five years.
- Avoid domination or profit-and-loss transfer agreements for three years.
- Respect existing collective bargaining and works council agreements.
- Keep Ceconomy’s IT systems and technology stack independent.
These commitments appear designed to ease geopolitical concerns over Chinese ownership of sensitive infrastructure.
Strategic Vision
JD.com CEO Sandy Xu emphasized that the goal is to build “Europe’s leading next-generation consumer electronics platform,” blending JD.com’s ecommerce capabilities with Ceconomy’s strong retail footprint and brand equity.
Ceconomy CEO Kai-Ulrich Deissner welcomed the deal, saying JD.com’s technological and logistics expertise would help accelerate the company’s growth and surpass current strategic objectives.
Stakeholder Positions
Several key stakeholders have already agreed to participate in the deal. The Beisheim and Haniel families, prominent German investors in Ceconomy, have agreed to sell a combined 32% stake. Meanwhile, the Kellerhals family, founders of MediaMarkt, will retain their 25.4% holding in the company.
JD.com, which competes with other Chinese ecommerce giants such as Alibaba and Meituan, already maintains logistics hubs in Germany, France, and the UK. The company previously considered a bid for UK electronics retailer Currys but withdrew its interest in March 2024.
The proposed acquisition signals a rare but significant resurgence of large-scale Chinese investment in Europe—especially in the retail sector—since deal activity peaked in 2016.
