One of China's largest e-commerce companies now controls Europe's biggest consumer electronics retailer, in a landmark deal that tests European attitudes towards Chinese investment.
JD.com completed its takeover of Ceconomy, the German owner of the MediaMarkt, Saturn and MediaWorld chains, on Thursday, November 12, according to TokenPost. Through its wholly owned German subsidiary, Jingdong Holding Germany, JD.com acquired 59.8% of Ceconomy's shares and voting rights at €4.60 per share in cash, for a total of about €1.335 billion.
Ceconomy's results will be consolidated into JD.com's financial statements from November 12. Together with Convergenta, the investment company of Ceconomy's founding families, which retains a 25.3% stake, JD.com and its partner now control 85.2% of the German retailer.
A long road to completion
JD.com announced the final results of its voluntary public takeover offer in December 2025, saying it had secured about 59.8% of Ceconomy after the additional acceptance period, according to an EQS announcement. At the time, it expected closing in the first half of 2026, subject to regulatory approvals.
The approvals took longer than anticipated. The deal required clearance under merger control rules, foreign investment screening and the European Union's Foreign Subsidies Regulation, which allows the European Commission to investigate whether foreign companies have received subsidies that distort competition in the EU. The EU approved the acquisition in early November, subject to conditions, according to reports.
What JD.com is buying
Ceconomy operates more than 1,000 stores in 11 European markets under the MediaMarkt, Saturn and MediaWorld brands, and employs more than 50,000 people, according to TokenPost. It is the largest consumer electronics retailer in Europe, selling televisions, smartphones, computers, appliances and other products through stores and online.
The company has faced challenges in recent years, including competition from online retailers such as Amazon, thin margins and weak consumer spending in Europe. It has been working to improve its online business and develop services such as repairs, installation and financing.
JD.com's commitments
JD.com has pledged to keep Ceconomy as a stand-alone business in Europe, with its own local and independent technology systems, according to TokenPost. It has said there will be no changes to Ceconomy's workforce, employee agreements or sites.
JD.com plans to gradually contribute its technology, omnichannel retail expertise and logistics and warehousing capabilities. The company said the deal reflected its "long-term commitment to Europe" and its confidence in Ceconomy's position as a leading consumer electronics retailer.
The commitment to independent technology systems is significant, as it addresses concerns about data security and the possibility of customer data being shared with China.
Why JD.com wants Europe
JD.com is one of China's largest retailers, known for its sophisticated logistics network and reputation for selling genuine products, particularly electronics. Its domestic market has become intensely competitive, with Alibaba, PDD's Pinduoduo, Douyin and others competing for consumers, and Chinese consumer spending has been subdued.
Expanding abroad offers JD.com new growth opportunities. The company has built logistics operations in Europe and launched an e-commerce platform called Joybuy in several European countries. Acquiring Ceconomy gives it an established brand, store network and customer base, which would have taken years to build from scratch.
