JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY
JD.com (NASDAQ: JD) has announced a significant voluntary public takeover offer for CECONOMY AG, the parent company of MediaMarkt and Saturn, at EUR 4.60 per share. Through its subsidiary JINGDONG Holding Germany GmbH, JD.com has secured agreements for 57.1% total shareholding, including 31.7% from irrevocable undertakings and 25.35% from Convergenta's retained stake.
The strategic partnership aims to transform CECONOMY into Europe's leading omni-channel consumer electronics platform. CECONOMY will maintain its independence with no planned changes to workforce or sites. The deal, expected to close in first half of 2026, will be financed through acquisition loan and JD.com's cash reserves.
The transaction combines JD.com's advanced technology and logistics capabilities with CECONOMY's network of over 1,000 retail stores across 11 countries.JD.com (NASDAQ: JD) ha annunciato un'importante offerta pubblica volontaria di acquisto per CECONOMY AG, la societ脿 madre di MediaMarkt e Saturn, a 4,60 EUR per azione. Attraverso la sua controllata JINGDONG Holding Germany GmbH, JD.com ha ottenuto accordi per una quota totale del 57,1%, comprendente il 31,7% da impegni irrevocabili e il 25,35% dalla partecipazione residua di Convergenta.
La partnership strategica mira a trasformare CECONOMY nella principale piattaforma europea omnicanale di elettronica di consumo. CECONOMY manterr脿 la propria indipendenza senza modifiche previste al personale o ai siti. L'operazione, che dovrebbe concludersi nella prima met脿 del 2026, sar脿 finanziata tramite un prestito per acquisizione e le riserve di liquidit脿 di JD.com.
La transazione unisce le avanzate tecnologie e capacit脿 logistiche di JD.com con la rete di oltre 1.000 punti vendita in 11 paesi di CECONOMY.
JD.com (NASDAQ: JD) ha anunciado una oferta p煤blica voluntaria significativa para la adquisici贸n de CECONOMY AG, la empresa matriz de MediaMarkt y Saturn, a 4,60 EUR por acci贸n. A trav茅s de su subsidiaria JINGDONG Holding Germany GmbH, JD.com ha asegurado acuerdos para una participaci贸n total del 57,1%, incluyendo el 31,7% mediante compromisos irrevocables y el 25,35% de la participaci贸n retenida por Convergenta.
La asociaci贸n estrat茅gica busca transformar a CECONOMY en la principal plataforma omnicanal de electr贸nica de consumo en Europa. CECONOMY mantendr谩 su independencia sin cambios previstos en la plantilla o en sus instalaciones. La operaci贸n, que se espera cerrar en el primer semestre de 2026, ser谩 financiada mediante un pr茅stamo para la adquisici贸n y las reservas de efectivo de JD.com.
La transacci贸n combina la avanzada tecnolog铆a y capacidades log铆sticas de JD.com con la red de m谩s de 1.000 tiendas minoristas en 11 pa铆ses de CECONOMY.
JD.com (NASDAQ: JD)電� MediaMarkt鞕� Saturn鞚� 氇殞靷澑 CECONOMY AG鞐� 雽�頃� 欤茧嫻 4.60 鞙犽鞚� 欷戩殧頃� 鞛愲皽鞝� 瓿店皽 鞚胳垬 鞝滌晥鞚� 氚滍憸頄堨姷雼堧嫟. 鞛愴殞靷� JINGDONG Holding Germany GmbH毳� 韱淀暣 JD.com鞚� 齑� 57.1%鞚� 歆�攵�鞚� 頇曤炒頄堨溂氅�, 鞚� 欷� 31.7%電� 旆唽 攵堦皜電ロ暅 鞎届啀鞙茧, 25.35%電� Convergenta鞚� 氤挫湢 歆�攵勳棎靹� 雮橃檾鞀惦媹雼�.
鞚措矆 鞝勲灥鞝� 韺岉姼雱堨嫮鞚� CECONOMY毳� 鞙犽熃 斓滉碃鞚� 鞓措媹毂勲剱 臧�鞝勳牅頀� 頂岆灚韽检溂搿� 韮堧皵昕堨嫓韨る姅 瓴冹潉 氇╉憸搿� 頃╇媹雼�. CECONOMY電� 鞚鸽牓鞚措倶 靷梾鞛レ棎 雽�頃� 氤�瓴� 鞐嗢澊 霃呺靹膘潉 鞙犾頃� 鞓堨爼鞛呺媹雼�. 鞚措矆 瓯半灅電� 2026雲� 靸侂皹旮�鞐� 鞕勲霅� 鞓堨爼鞚措┌, 鞚胳垬 雽�於滉臣 JD.com鞚� 順勱笀 氤挫湢瓿犽ゼ 韱淀暣 鞛愱笀鞚� 臁半嫭霅╇媹雼�.
鞚措矆 瓯半灅電� JD.com鞚� 觳嫧 旮办垹 氚� 氍茧 鞐焿瓿� CECONOMY臧� 11臧滉淡鞐� 瓯胳硱 鞖挫榿頃橂姅 1,000臧� 鞚挫儊鞚� 靻岆Г鞝� 雱ろ姼鞗岉伂毳� 瓴绊暕頃╇媹雼�.
JD.com (NASDAQ : JD) a annonc茅 une offre publique d'achat volontaire importante pour CECONOMY AG, la soci茅t茅 m猫re de MediaMarkt et Saturn, 脿 4,60 EUR par action. Par l'interm茅diaire de sa filiale JINGDONG Holding Germany GmbH, JD.com a obtenu des accords repr茅sentant une participation totale de 57,1%, comprenant 31,7% d'engagements irr茅vocables et 25,35% de la participation d茅tenue par Convergenta.
Ce partenariat strat茅gique vise 脿 transformer CECONOMY en la principale plateforme omnicanale europ茅enne d鈥櫭﹍ectronique grand public. CECONOMY conservera son ind茅pendance sans modifications pr茅vues des effectifs ou des sites. La transaction, dont la cl么ture est pr茅vue au premier semestre 2026, sera financ茅e par un pr锚t d'acquisition et les r茅serves de tr茅sorerie de JD.com.
Cette op茅ration combine les technologies avanc茅es et les capacit茅s logistiques de JD.com avec le r茅seau de plus de 1 000 magasins dans 11 pays de CECONOMY.
JD.com (NASDAQ: JD) hat ein bedeutendes freiwilliges 枚ffentliches 脺bernahmeangebot f眉r CECONOMY AG, die Muttergesellschaft von MediaMarkt und Saturn, zu 4,60 EUR pro Aktie angek眉ndigt. 脺ber seine Tochtergesellschaft JINGDONG Holding Germany GmbH hat JD.com Vereinbarungen 眉ber einen Gesamtanteil von 57,1% gesichert, darunter 31,7% aus unwiderruflichen Zusagen und 25,35% aus der verbleibenden Beteiligung von Convergenta.
Die strategische Partnerschaft zielt darauf ab, CECONOMY zur f眉hrenden europ盲ischen Omni-Channel-Plattform f眉r Unterhaltungselektronik zu entwickeln. CECONOMY wird seine Unabh盲ngigkeit bewahren, ohne geplante 脛nderungen bei der Belegschaft oder den Standorten. Der Abschluss der Transaktion wird f眉r die erste H盲lfte 2026 erwartet und durch einen Akquisitionskredit sowie JD.com鈥檚 Barreserven finanziert.
Die Transaktion verbindet die fortschrittlichen Technologie- und Logistikf盲higkeiten von JD.com mit dem Netzwerk von 眉ber 1.000 Einzelhandelsgesch盲ften in 11 L盲ndern von CECONOMY.
- Secured significant 57.1% shareholding commitment before launch of takeover offer
- Access to over 1,000 retail stores across 11 European countries through CECONOMY's network
- Full support from CECONOMY's Supervisory Board, Management Board, and anchor shareholder
- Strategic combination of JD.com's technology/logistics expertise with CECONOMY's established European presence
- No workforce reductions planned, maintaining operational stability
- Significant capital expenditure required for acquisition financing through loans
- Extended timeline with closing not expected until first half of 2026
- Complex regulatory approval process including merger control and foreign investment clearances
- Integration challenges of combining different technology stacks and operational systems
Insights
JD.com's strategic takeover of CECONOMY represents a calculated expansion into European consumer electronics with significant global market implications.
JD.com's
This transaction represents a carefully structured market entry rather than a complete absorption. JD.com plans to maintain CECONOMY as a stand-alone business with its local technology infrastructure while injecting its advanced logistics and omni-channel retail expertise. This approach minimizes integration risks while maximizing synergistic benefits.
The deal's structure reveals JD.com's sophisticated market entry strategy: 1) Securing significant stakeholder support upfront, including the blessing of anchor shareholder Convergenta; 2) Maintaining CECONOMY's European identity and workforce; and 3) Focusing on capability enhancement rather than immediate operational consolidation.
For CECONOMY, JD.com's technology and logistics capabilities provide critical competitive advantages to accelerate its digital transformation against both traditional retailers and e-commerce competitors. For JD.com, CECONOMY's 1,000+ stores across 11 European countries offer an immediate continental footprint that would take years to build organically.
The expected H1 2026 closing timeline acknowledges the complex regulatory approval process for Chinese investment in European retail infrastructure, particularly given the current geopolitical climate and heightened scrutiny of cross-border transactions.
JD.com's takeover bid for CECONOMY represents a landmark East-West retail convergence with profound implications for global consumer electronics distribution. This isn't merely an acquisition 鈥� it's a strategic blueprint for how Asian tech-retail giants can expand westward while preserving local operational autonomy.
The deal's architecture is particularly noteworthy: JD.com secures majority influence through a
CECONOMY's MediaMarkt and Saturn brands bring over 1,000 physical locations that complement JD.com's technological advantages. The competitive mathematics is compelling: JD.com gains immediate scale across 11 European markets without building from scratch, while CECONOMY receives technology infusion to accelerate its omnichannel transformation without surrendering its established consumer relationships and market positioning.
For consumers, this partnership promises a more seamless integration between online and physical retail experiences, potentially introducing JD.com's logistics innovations like same-day delivery and advanced inventory management to European markets. For competitors like Amazon and traditional European electronics retailers, this creates a formidable new challenger combining local market knowledge with world-class e-commerce capabilities.
The
BEIJING, July 30, 2025 (GLOBE NEWSWIRE) -- JD.com,聽Inc. (鈥淛D.com鈥� or the 鈥淐ompany鈥�) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the 鈥淏idder鈥�), to all shareholders of CECONOMY AG (鈥淐ECONOMY鈥�) (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares in CECONOMY (the 鈥淐ECONOMY Shares鈥�) for a cash consideration of EUR 4.60 per share (the 鈥淭akeover Offer鈥�).
The Bidder and CECONOMY have also signed an investment agreement regarding the Takeover Offer and their intended cooperation after completion of the Takeover Offer. Furthermore, regarding their future cooperation, the Bidder and CECONOMY鈥檚 largest shareholder group comprising Convergenta Invest GmbH and related shareholders (together, 鈥淐onvergenta鈥�) entered into a shareholders鈥� agreement, effectiveness of which is subject to the completion of the Takeover Offer. As a result, post the completion of the Takeover Offer, Convergenta will hold
CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY鈥檚 growth as a stand-alone business and accelerate CECONOMY鈥檚 transformation into Europe鈥檚 leading omni-channel consumer electronics platform. JD.com, renowned for its superior customer experience and industry-leading e-commerce logistics service standards, will contribute its advanced technology, leading omni-channel retail expertise, and logistics and warehouse capabilities to the partnership. This will strengthen CECONOMY鈥檚 capabilities and further develop its core business and capitalize on its market position. As part of the strategic roadmap, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. CECONOMY's Supervisory Board and Management Board fully support the public Takeover Offer.
鈥淭his partnership with CECONOMY will build Europe鈥檚 leading next-generation consumer electronics platform,鈥� said JD.com CEO Sandy Xu. 鈥淐ECONOMY鈥檚 market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate CECONOMY鈥檚 ongoing transformation. Our goal is to further grow CECONOMY鈥檚 platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of CECONOMY and look forward to working together to initiate the next phase of growth.鈥�
CECONOMY CEO Dr. Kai-Ulrich Deissner said, 鈥淲ith JD.com鈥檚 outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, CECONOMY operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option. In the coming years, we don鈥檛 just want to keep pace with the transformation in European retail 鈥� we want to continue leading it. JD.com is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with JD.com to strengthen European retail, based on complementary strengths and shared values.鈥�
鈥淲e fully support the strategic investment agreement and takeover offer and are confident that it represents the best opportunity to further drive the successful transformation of CECONOMY,鈥� said J眉rgen Kellerhals of anchor shareholder Convergenta. 鈥淭he management team of CECONOMY has a clear strategic vision, and JD.com brings the resources and expertise required to accelerate the company鈥檚 (CECONOMY鈥檚) next phase of growth. The technological expertise of JD.com is world-leading, as demonstrated by its success in other markets. As the long-term anchor investor, we believe this is the right step at the right time for the business, our employees, and our customers.鈥�
The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company鈥檚 cash on balance sheet. The closing of the Takeover Offer is expected to take place in the first half of 2026.
The Offer Document (in German and a non-binding English translation) which will set forth the detailed terms and conditions of the Takeover Offer, as well as further information relating thereto, will be published by the Bidder following approval by the German Federal Financial Supervisory Authority (Bundesanstalt f眉r Finanzdienstleistungsaufsicht) on the internet at the website .
This announcement and the information within it are not intended to, and do not, constitute or form part of any offer to purchase or a solicitation of an offer to sell the CECONOMY Shares. Investors and holders of CECONOMY Shares are strongly advised to read the Offer Document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information.
About JD.com, Inc.
JD.com is a leading supply chain-based technology and service provider. The Company鈥檚 cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the 鈥渟afe harbor鈥� provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 鈥渨ill,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渇uture,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渃onfident鈥� and similar statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the 鈥淪EC鈥�), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com鈥檚 beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com鈥檚 growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China鈥檚 e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com鈥檚 acquisitions, investments and alliances, including fluctuation in the market value of JD.com鈥檚 investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com鈥檚 filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.聽
For investor and media inquiries, please contact:
Investor Relations
Sean Zhang
+86 (10) 8912-6804
[email protected]
Media Relations
+86 (10) 8911-6155
[email protected]
FAQ
What is the offer price for JD.com's takeover of CECONOMY?
How much ownership has JD.com secured in CECONOMY before the takeover offer?
When is JD.com's acquisition of CECONOMY expected to close?
What are CECONOMY's main retail brands and market presence?
Will there be changes to CECONOMY's workforce after JD.com's takeover?
How will JD.com finance the CECONOMY takeover?
