JD.com buys Germany's Ceconomy in $2.5bn European electronics push
Chinese e-commerce group JD.com has closed a $2.5 billion deal to acquire Germany's Ceconomy, owner of electronics retailers MediaMarkt and Saturn. The company aims to become Europe's leading online electronics platform, with plans for next-day, 90-minute and 30-minute delivery options through its n
Chinese e-commerce group JD.com (9618) has closed a US$2.5 billion (HK$19.5 billion) deal to acquire Germany's Ceconomy, owner of consumer electronics retailers MediaMarkt and Saturn, according to an international executive who spoke to Reuters on Thursday.
The acquisition will help JD.com, one of China's largest retailers, expand beyond its home market and become the leading online retail platform for electronics in Europe, said Jack Li, head of JD.com's cross-border e-commerce platform JD Worldwide.
"Together, we want to forge the leading retail platform for electronic goods in Europe," Li said.
Ceconomy CEO Remko Rijnders said that with JD.com's support, the company plans to offer next-day delivery across Europe, 90-minute delivery via Uber and 30-minute in-store pickup. "No competitor can match that," Rijnders said. "This will change the market in Europe."
In the future, customers of Joybuy, JD.com's online platform in Europe, would be able to use the chain's branches, Rijnders added. MediaMarkt and Saturn have more than 1,000 branches across 11 European countries.
Li said JD.com wants to expand its logistics network in the region, which currently consists of more than 60 centres. He added that Rijnders and his team will continue running the business under the new owner.