China's JD.com to acquire German electronics retailer Ceconomy for US$2.5 billion
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The deal, announced on Wednesday, would allow JD.com, one of China's largest online retailers, which competes with Alibaba Group Holding and Amazon.com, to expand outside China. Ceconomy said its brands and Düsseldorf 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 logo of Ceconomy, Europe's largest consumer electronics retailer. Photo: Reuters
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 about 25.35 per cent.
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