China's JD.com to acquire German electronics retailer Ceconomy for 2.2 billion euros
The deal, announced on Wednesday, would allow JD.com, one of China's largest online retailers, which competes with Alibaba and Amazon, to expand outside China. Ceconomy said its brands and Duesseldorf headquarters would remain.
Ceconomy's MediaMarkt and Saturn brands will give JD.com access to one of the largest online shops for electronic goods in Europe and a network of about 1,000 stores in several European countries. About 50,000 people work at the two chains.
'It's exactly the right partner at the right time,' Ceconomy CEO Kai-Ulrich Deissner said. 'Through the partnership, we have access to technologies, world-leading retail expertise, and supply chains that are unparalleled worldwide.'
The Kellerhals family, the largest single shareholder with just under 30 per cent of the shares, has accepted an offer for 3.81 per cent of its shares and intends to remain an investor with a stake of approximately 25.35 per cent.
Shareholders Haniel, Beisheim, BC Equities, and Freenet, which together control approximately 27.9 per cent of the shares, intend to sell their shares to JD.com.
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'There will be no compulsory redundancies for three years following the closing of the transaction,' Deissner said.
'Closing is expected in the first half of 2026,' he said, adding that he does not anticipate any major problems from antitrust authorities. Ceconomy last week confirmed it was in advanced negotiations over a potential takeover.
Ceconomy had annual sales of 22.4 billion euros in its 2023/24 financial year, of which 5.1 billion euros were online. JD.com had looked at an acquisition of British electronics retailer Currys last year.
Fitch Ratings on Wednesday said the takeover could bolster Ceconomy's credit profile.
'A takeover by JD may lead to an upgrade of Ceconomy's rating, benefitting from JD's stronger credit profile, given the latter's market position as one of the largest global e-commerce platforms with US$160 billion revenue providing services across retail, technology, logistics, and healthcare sectors,' it said.
'We believe that the acquisition of Ceconomy would boost JD's presence in Europe through the former's over 1,000 stores under MediaMarkt and Saturn brands, and its online presence (24 per cent of sales),' it added. REUTERS
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