JD.com Expands into Europe with $2.5 Billion Ceconomy Acquisition

JD.com, one of China’s largest e-commerce companies, is acquiring German electronics retailer Ceconomy in a deal valued at €2.2 billion ($2.5 billion). The acquisition will give JD.com control of Ceconomy’s popular MediaMarkt and Saturn chains, which operate about 1,000 stores across Europe and generate significant online sales.

The agreement, announced Wednesday, values Ceconomy shares at €4.60 each and is expected to close in the first half of next year. Ceconomy will maintain its Düsseldorf headquarters and its 23.4% stake in French retailer Fnac Darty. CEO Kai-Ulrich Deissner described JD.com as “the right partner at the right time,” citing access to advanced retail technology and global supply chain capabilities.

JD.com’s move expands its European footprint after launching its Ochama omnichannel brand in the Netherlands in 2022 and testing the Joybuy marketplace in the UK this year. The company faces competition from Alibaba and Amazon but aims to leverage Ceconomy’s established customer base and retail network to accelerate growth in the region.

Major shareholders, including Haniel, Beisheim, BC Equities, and Freenet, which collectively hold 27.9% of Ceconomy, plan to sell their stakes. The Kellerhals family will retain about 25% ownership. Ceconomy employs roughly 50,000 people, with no compulsory redundancies planned for three years post-acquisition.

The deal underscores growing Chinese investment in Europe, which reached $8.45 billion in 2024 amid U.S.-China trade tensions. Fitch Ratings said the acquisition could strengthen Ceconomy’s credit profile due to JD.com’s $160 billion revenue scale and strong market position in e-commerce, logistics, and retail.

Ceconomy posted €22.4 billion in sales for 2023/24, with 24% generated online, positioning the merger as a major step in JD.com’s international expansion strategy.