JD.com Completes €1.335 Billion Purchase of 59.8% of MediaMarkt Owner Ceconomy

A Chinese e-commerce company now owns the largest consumer electronics retailer in Europe.

JD.com said Thursday, Nov. 12, that it completed its voluntary public takeover offer for Ceconomy AG, the parent of MediaMarkt, Saturn and MediaWorld. JD acquired 59.8% of the share capital and voting rights for a total of €1,335 million, at €4.60 in cash per share. Ceconomy's results are consolidated into JD's financial statements from Nov. 12.

The ownership split

The offer ran through Jingdong Holding Germany GmbH, an indirect wholly owned JD subsidiary. Convergenta, JD's partner in the deal, kept its 25.3% stake. Together the two hold 85.2% of Ceconomy, which is listed on XETRA under CEC.

When the offer was announced on July 31, 2025, it implied an equity value for the whole company of about €2.2 billion. The €1.335 billion paid is for JD's 59.8% slice only.

Closing came after every offer condition was met, JD said, including merger control clearances, foreign investment clearances and clearance under the EU Foreign Subsidies Regulation. The European Commission gave its final approval earlier this month.

What JD bought

Ceconomy operates more than 1,000 stores in 11 markets, plus online retail. It employs more than 50,000 people. In 2025 it had more than 53 million loyalty members and 2.2 billion annual customer contacts.

For JD, that is a physical retail footprint in Europe it did not have. JD's online platform in Europe is called Joybuy. Ceconomy CEO Remko Rijnders said Joybuy customers would in future be able to use the chain's branches.

The promises

JD says Ceconomy will remain a standalone business in Europe with a local, independent technology stack. The companies plan no changes to the workforce, employee agreements or sites. JD also committed to investing in the consumer brands and staying true to their heritage.

Sandy Xu, JD.com's CEO, said the two companies "share a common vision to build Europe's leading next-generation consumer electronics platform." She added that JD is "confident our partnership supports Europe's broader objectives for innovation and competitiveness."

Rijnders called it "the beginning of a new chapter" and said Ceconomy would combine "local expertise and customer relationships with JD.com's technology and logistics capabilities."

Jack Li, CEO of JD Worldwide, was more direct about the goal. "Together, we want to forge the leading retail platform for electronic goods in Europe," he said in an interview with Reuters. Li said Rijnders and his team will keep running the business under the new owner.

Delivery targets and logistics

Rijnders laid out service targets: next-day delivery across Europe, 90-minute delivery through Uber, and 30-minute in-store pickup. "No competitor can match that," he said. "This will change the market in Europe."

Li said JD wants to expand its European logistics network, which currently consists of more than 60 centres.

Neither company has given a timeline or a spending figure for those targets. JD has not said how much it plans to invest in the Ceconomy brands beyond the commitment itself.

The home-market backdrop

China Daily described the deal as part of JD's push to expand beyond China's intensely competitive domestic market. Domestic demand is soft. Citigroup forecast Singles' Day sales volume would rise just 2% in 2026. Max Zenglein, senior Asia-Pacific economist at The Conference Board, told the Associated Press that "optimism over a recovery in domestic demand has faded." China reported 4.6% GDP growth for the latest quarter.

JD has not tied the Ceconomy deal to weakness at home. The company's stated rationale is building a European electronics platform.

What happens next

The regulatory case is closed. European and German authorities reviewed the deal and let it through, and no investigation or legal challenge has been announced.

The open question is operational. JD says Ceconomy keeps its own technology stack, yet it also wants Joybuy customers using MediaMarkt and Saturn stores and wants to bring JD's logistics and technology into the business. How those pieces connect, and on what schedule, has not been spelled out. JD's first financial statements that include Ceconomy will show how large the retailer is within the combined group.