German electronics retailer Ceconomy AG has confirmed that it is in advanced negotiations with Chinese e-commerce giant JD.com regarding a potential takeover at a price of €4.60 per share. The deal, if finalized, would value Ceconomy at approximately €2.2 billion ($2.59 billion).
The confirmation follows a report from Bloomberg indicating JD.com is close to deciding on a formal bid. Ceconomy shares were trading at €4.29 on Thursday, reflecting growing investor anticipation. However, Ceconomy emphasized that while discussions are progressing, no legally binding agreements have been signed, and it remains uncertain whether an official offer will materialize.
Ceconomy owns MediaMarkt and Saturn, two of Europe’s leading consumer electronics chains, operating nearly 1,000 stores across the continent and employing around 50,000 people. In fiscal year 2023/24, the group generated €22.4 billion in revenue, including €5.1 billion from online sales.
A successful acquisition would grant JD.com substantial physical and digital retail infrastructure in Europe, complementing its ambitions to expand beyond Asia. The Chinese retailer previously explored a potential acquisition of UK-based Currys, though those discussions did not progress.
Ceconomy’s shareholder structure may play a pivotal role in the outcome. The Kellerhals family, through its vehicle Convergenta, owns nearly 30% of the company, while family holding Haniel holds around 17%. Other shareholders, including Meridian, Beisheim, and Freenet, declined to comment.
JD.com’s interest in Ceconomy signals its continued pursuit of European retail assets as it seeks to compete more directly with global rivals Alibaba and Amazon.
