BUSINESS

JD.com Sets Sights on Europe as It Moves to Buy Ceconomy in $2.4 Billion Deal

Published: Aug. 1, 2025 4:16 a.m. GMT+8

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A Media Markt electronic goods store, operated by Ceconomy AG, inside the Galeria Mlociny shopping mall in Warsaw, Poland. Photo: Bloomberg

JD.com is making its boldest push yet into the European market. On Thursday, the Chinese e commerce giant announced plans to acquire all outstanding shares in Germany’s CeconomyAG, the parent company of electronics retailers MediaMarkt and Saturn, in a cash offer valuing the deal at about 2.2 billion euros ($2.5 billion).

Through its wholly owned subsidiary Jingdong Holding Germany GmbH, JD.com is offering 4.60 euros per share, a 43% premium to Ceconomy’s three month volume weighted average price and 23% above its July 23 close, before news of the potential takeover emerged. Shares rose to 4.41 euros Thursday, up 1.26%. Upon completion, Ceconomy would be privatized and delisted.

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JD.com plans to acquire all shares of Germany’s Ceconomy AG, owner of MediaMarkt and Saturn, in a €2.2 billion ($2.5 billion) cash deal at €4.60/share.
Ceconomy generated €22.4 billion in revenue (2023/24); JD.com has secured backing from shareholders representing 57.1%.
The deal aims to accelerate Ceconomy's omnichannel growth; completion is expected in H1 2026, pending regulatory approvals.

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Who’s Who

JD.com: JD.com, a Chinese e-commerce giant, is making a significant push into the European market with its plan to acquire Ceconomy AG, the parent company of MediaMarkt and Saturn. This 2.2 billion euro deal would privatize Ceconomy and accelerate its transformation into a leading omnichannel electronics retailer. The acquisition highlights JD.com's renewed focus on overseas expansion, following previous closures, and aims to launch full e-commerce operations in Europe by 2026.

Ceconomy AG: Ceconomy AG is a German company that operates electronics retailers MediaMarkt and Saturn, with 1,030 stores across 11 European countries. In fiscal year 2023/24, it generated €22.4 billion in revenue. JD.com plans to acquire all outstanding shares for €2.2 billion, aiming to privatize and delist Ceconomy.

Jingdong Holding Germany GmbH: Jingdong Holding Germany GmbH is a wholly-owned subsidiary of JD.com. It is the entity through which JD.com plans to acquire all outstanding shares of Ceconomy AG, the parent company of MediaMarkt and Saturn. This acquisition is a key part of JD.com's strategy to expand into the European market.

Convergenta Invest GmbH: Convergenta Invest GmbH is the largest shareholder of CeconomyAG, holding 29.16% of the company. They have irrevocably committed to selling 3.81% of their stake to JD.com as part of the acquisition deal, retaining 25.35% afterward. Convergenta Invest GmbH's backing, combined with other shareholders, gives JD.com support for 57.1% of Ceconomy's shares.

Ochama: Ochama is JD.com's warehouse store hybrid brand located in the Netherlands. It signifies JD.com's renewed focus on overseas expansion, particularly in Europe. This initiative is part of JD.com's broader strategy to establish full e-commerce operations in Europe by 2026.

JD Worldwide: JD Worldwide is an international business segment of JD.com, expanding its reach to Southeast Asia, Japan, South Korea, and Australia. It operates on a semi-managed marketplace model, similar to Temu and Shein, targeting markets in the U.S., Europe, and Asia Pacific. JD Worldwide signifies JD.com's renewed focus on global expansion.

Temu: Temu is mentioned as having a semi-managed marketplace model, similar to JD Worldwide. This model targets markets in the U.S., Europe, and Asia Pacific. The article implies that Temu is a competitor or peer to JD.com in certain international e-commerce strategies.

Shein: Shein is mentioned in the article as a company that uses a semi-managed marketplace model, similar to Temu, targeting markets such as the U.S., Europe, and Asia Pacific. JD.com's JD Worldwide business is adopting a similar strategy.

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What Happened When

2021：: JD.com shut down its Joybuy cross-border export platforms.

Early 2023：: JD.com paused operations in Indonesia and Thailand.

Early 2025：: JD.com conducted a trial run of Joybuy in London.

June 2025：: Founder Richard Liu said the international business is the most important segment for JD.com, and that European infrastructure is largely in place after three years of preparation.

July 23, 2025：: Ceconomy's share price close used as a reference by JD.com for its takeover offer premium.

July 30, 2025：: Ceconomy releases a statement estimating the transaction’s enterprise value at 4 billion euros.

July 31, 2025：: JD.com announced plans to acquire all outstanding shares in CeconomyAG, parent company of MediaMarkt and Saturn, for about 2.2 billion euros.

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