The European Commission has approved JD.com’s acquisition of Ceconomy, the German group behind MediaMarkt and Saturn, subject to conditions. The offer, announced in July 2025, valued Ceconomy at around €2.2 billion, with a price of €4.60 per share. Regulatory approval clears the remaining pending hurdle, but the transaction is not yet complete. JD.com expects to close it by November 12.
Ceconomy also operates MediaWorld in Italy. Its retail network includes more than 1,000 stores and employs about 50,000 people. JD.com has secured 59.8% of the company’s capital for approximately €1.3 billion, while Convergenta, which is linked to Ceconomy’s founding family, will retain a 25.35% stake. Under an agreement between the two shareholders, JD.com will have voting rights associated with a combined 85.2% stake after the deal closes.
the Commission reviewed the takeover under the EU Foreign Subsidies Regulation. Its investigation identified preferential financing, tax incentives and subsidies received by JD.com from China. The Commission said these forms of support could strengthen the company’s ability to fund its activities and pursue aggressive pricing, potentially disadvantaging European competitors.
As part of the approval, JD.com has committed to conducting financial dealings with Ceconomy on market terms. It must also make its warehousing and logistics services available to other retailers, and its technology services available to third parties, under the same conditions offered to its new subsidiary. The commitments will apply for ten years and be monitored by an independent supervisor under the Commission’s oversight.
The agreement provides for the MediaMarkt and Saturn brands to remain in place for five years. It also restricts operationally motivated layoffs and buyer-led store closures for three years, subject to exceptions. JD.com plans to use its technology and logistics infrastructure to expand product offerings and improve delivery times, though the results remain to be seen.
Sources: Xataka.