Chinese proposal for acquisition of Mediamarkt-Saturn receives significant attention - Chinese exhibit intense focus on the media industry.
JD.com Makes €2.2 Billion Offer for Ceconomy, Boosting Europe's Consumer Electronics Market
In a significant move that could reshape Europe's consumer electronics landscape, JD.com, a leading global technology and service company, has launched a voluntary public cash takeover offer for Ceconomy. The offer, valued at approximately €2.2 billion, aims to create the leading European omnichannel platform for next-generation consumer electronics.
The offer price of €4.60 per Ceconomy share represents a 43% premium over the company's three-month volume-weighted average share price as of July 23, 2025. Notably, anchor shareholders Haniel, Beisheim, Freenet, and Convergenta have committed to accept the offer for about 32% of Ceconomy’s share capital. Convergenta, part of the founding Kellerhals family, will retain approximately 25.4% ownership post-transaction.
The Management Board and Supervisory Board of Ceconomy have expressed their support for the partnership with JD.com, viewing it as a means to accelerate growth and enhance financial flexibility. JD.com has committed to preserving Ceconomy’s operational independence, with no plans to initiate domination or profit and loss transfer agreements.
The strategic partnership between JD.com and Ceconomy aims to accelerate Ceconomy’s "Experience Electronics" strategy by integrating JD.com’s industry-leading omnichannel shopping, supply chain, and logistics capabilities with Ceconomy’s strong European retail presence, including brands MediaMarkt and Saturn operating 1,000+ stores across 11 countries.
The transaction is not expected to result in any job cuts or store closures. Ceconomy, which was created in 2017 as a spin-off from Metro, has grown significantly since then. The retail chain acquired the competitor Saturn in 1990, and today, it is present in more than 1,000 markets in eleven European countries.
Since the beginning of the year, Ceconomy's share price has gained more than 60% amid ongoing takeover rumours. In the most recent full fiscal year 2023/24 (up to the end of September), Ceconomy achieved a turnover of 22.4 billion euros, of which around a quarter was generated by online business.
JD.com, listed on the US technology exchange Nasdaq for over ten years, has an annual turnover of around 159 billion US dollars (2024). The company's subsidiary, Jingdong Holding Germany GmbH, has submitted the voluntary public takeover offer for Ceconomy. The Haniel family conglomerate holds 16.7% of Ceconomy's shares, and Freenet holds 6.7%. The Meridian Foundation, involved in the wholesale conglomerate Metro, holds around 11% of Ceconomy's shares.
The first Saturn store was opened in Cologne in 1961, and the first Media Markt in Munich in 1979. After the takeover offer, the shareholder group Convergenta, backed by the Kellerhals family, will retain 25.35% of Ceconomy's shares. The offer values Ceconomy at 4 billion euros, representing a 43% premium over the average share price of the past three months.
JD.com sees itself as a leading global technology and service company with a supply chain as its core and China's largest retailer by revenue. The company will uphold existing collective bargaining agreements, wage agreements, and the current employee co-determination in the supervisory board for three years. With this takeover, JD.com aims to position Ceconomy's key brands MediaMarkt and Saturn for accelerated growth and digital transformation within Europe’s consumer electronics market.
The Commission, recognizing the significance of this partnership between JD.com and Ceconomy, may take the opportunity to weigh in on the deal, employing technology to analyze the potential impact on competition in the European consumer electronics market.
To facilitate smooth operations and ensure the highest quality of information, the Commission has also taken a number of measures to improve the technology utilized for assessing the merger.
