JD takes control of MediaMarkt owner CECONOMY, weighs delisting

by SONG Jianan

JD.com said on Tuesday it had acquired 59.8% of CECONOMY, the parent of MediaMarkt and Saturn, after the additional acceptance period of its tender offer, handing the Chinese e‑commerce group effective control of one of Europe's largest electronics retailers.

Including the stake kept by future partner Convergenta, JD's holding will rise to 85.2%. The company said it may move to take CECONOMY private once the offer is completed. Germany's Federal Cartel Office approved the deal in September, saying it raised no competition concerns.

JD launched the offer in late July through its German unit, JINGDONG Holding Germany GmbH, offering €4.60 a share in a deal valuing CECONOMY at about €2.2 billion—potentially the largest European acquisition by a Chinese e‑commerce company.

CECONOMY, spun off from Metro Group in 2017, operates more than 1,000 stores in 11 markets and has agreed to a long‑term partnership with JD while remaining operationally independent.

The takeover marks a major step in JD’s push to build local retail operations overseas rather than rely on cross‑border shipping. Founder LIU Qiangdong has called international expansion central to JD's next phase of growth and aims to bring 1,000 Chinese brands abroad through localized sourcing and fulfillment.

JD does not disclose standalone overseas earnings, but its third-quarter results show revenue from newer business lines — including food delivery, Jingxi business and overseas operations — rose 213.7% to 15.6 billion yuan (about US$2.2 billion). Its Joybuy marketplace is being tested in the UK, France, Germany and the Netherlands, while JD Logistics now operates more than 130 overseas warehouses.

Analysts say JD faces a tough integration. CECONOMY has faced rising operating costs and slow digital upgrades in its home market, and JD must build its own presence in a mature and fragmented market—an effort likely to require sustained investment.

Even so, the deal is one of the boldest moves by a Chinese e‑commerce group into Europe's physical retail sector. If JD can revive CECONOMY and use its store network effectively, the acquisition could become a model for future Chinese expansions in the region.