JD.com completes €1.335bn acquisition of 59.8% stake in CECONOMY
JD.com has completed its €1.335bn acquisition of a 59.8% stake in European electronics retailer CECONOMY. The deal, which includes Convergenta's retained stake, gives the partners 85.2% control. CECONOMY will operate independently in Europe and be consolidated into JD.com's financial statements.
Chinese e-commerce giant JD.com announced on 12 November the completion of its €1.335bn (US$1.45bn) acquisition of a 59.8% stake in European consumer electronics retailer CECONOMY. The purchase, made at €4.6 per share in cash, also includes voting rights. Together with partner Convergenta, which retains a 25.3% stake, the two parties now hold a combined 85.2% of CECONOMY.
JD.com said all conditions for the tender offer have been fulfilled, including approvals for merger control, foreign investment, and EU foreign subsidies. The company stated that CECONOMY will continue to operate independently in Europe under its own local technology infrastructure, with no plans to adjust staffing, employee agreements, or office locations.
Effective from the date of the announcement, CECONOMY will become a subsidiary of JD.com and be consolidated into the group's financial statements. JD.com CEO Pei Ran said the two companies share a common vision to build a leading next-generation consumer electronics platform in Europe. He added that the partnership will support broader European innovation and competitiveness goals, contributing to a more dynamic consumer retail market in the region.
CECONOMY operates under the MediaMarkt, Saturn, and MediaWorld brands across 11 markets, running more than 1,000 consumer electronics stores alongside an online retail business. The company employs over 50,000 staff.