JD.com Ceconomy acquisition completed : 59.8% stake for 1,335 million euros

FRIDAY, 13 NOVEMBER 2026

Chinese group JD.com has completed its offer for Ceconomy, owner of MediaMarkt, Saturn and MediaWorld: 59.8% of the capital for 1,335 million euros, with ten years of commitments required by the European Commission over Chinese subsidies.

The JD.com Ceconomy acquisition is complete: on 12 November 2026 the Chinese group closed its public offer for Ceconomy, the German company behind MediaMarkt, Saturn and, in Italy, MediaWorld. With 59.8% of the share capital, bought for 1,335 million euros, Ceconomy becomes a JD.com subsidiary.

What JD.com has bought

The deal is a voluntary public cash offer at 4.60 euros per share. JD.com acquired 59.8% of Ceconomy's share capital and voting rights; its partner Convergenta keeps 25.3%, so together the two shareholders control 85.2% of the group. From that date Ceconomy's accounts are consolidated into JD.com's financial statements.

Ceconomy runs more than 1,000 consumer electronics stores in 11 European markets, with over 50,000 employees. In the release issued by JD.com, MediaWorld is listed among the group's brands alongside MediaMarkt and Saturn. According to the buyer, Ceconomy will remain a stand-alone business in Europe with its own local technology stack, and no changes are planned to the workforce, employee agreements or sites.

The numbers behind the deal

• Stake acquired by JD.com: 59.8% of Ceconomy's share capital and voting rights.
• Price: 4.60 euros per share in cash, for a total consideration of 1,335 million euros.
• Combined stake with partner Convergenta (25.3%): 85.2%.
• Network of the acquired group: more than 1,000 stores in 11 markets and over 50,000 employees.
• Customers in 2025: 2.2 billion contacts and more than 53 million loyalty programme members.

The conditions set by the European Commission

Completion followed merger control, foreign investment and EU foreign subsidies clearances. On the last point the European Commission gave its approval on 3 November 2026, after an in-depth investigation, but only under specific conditions. According to the Commission, JD.com received Chinese subsidies in the form of preferential financing, tax incentives and grants, capable of distorting competition in the internal market.

The accepted commitments last 10 years and are monitored by an independent trustee under Commission supervision. In short:

Dealings between JD.com and Ceconomy, including financing, must take place on market terms. JD.com's warehousing, logistics and technology services must be offered to third-party retailers on the same terms granted to Ceconomy. The commitments were strengthened after a consultation of competitors. According to an analysis by law firm Mayer Brown, it is the first time the Commission has accepted a remedy requiring the buyer to open its own services to competitors on equal terms.

JD.com Ceconomy acquisition: what changes for electronics importers and suppliers

The first effect concerns those who sell to electronics chains. One of the main retail banners in Italy now belongs to a Chinese group with close knowledge of the manufacturing chain for consumer electronics, accessories and small appliances. The release announces no change in purchasing policy, and Ceconomy stays independent; the change of control nonetheless suggests expecting, over time, tougher negotiations on purchase prices and private label products, with a buyer able to gauge the factory cost in China without intermediaries.

The second effect is less visible but concrete. Under the commitments given to the Commission, JD.com's warehouses, logistics and technology services in Europe must also be offered to third-party retailers on the same terms granted to Ceconomy, for ten years. For a retailer or brand selling online and in stores, this signals a possible new logistics offer in Europe, to be compared with current providers. The commitments do not yet say how prices, service levels and available capacity will be defined: it is worth asking for a written offer before drawing conclusions.

For those importing directly from China, the deal is a sign of a trend rather than an operational change. Large Chinese groups no longer only sell to European distributors: in this case they bought one. Anyone positioned as an intermediary between a Chinese factory and a European chain would do well to document their added value, meaning quality control, compliance with European rules, lead times and support, because a pure resale margin will be easier to challenge.

What to watch in the coming months

Three signals will show how much really changes: the terms on which MediaWorld renews its supply contracts, any arrival of JD.com own-brand products in European stores, and the publication of the terms under which JD.com's logistics services will be opened to third-party retailers. Until then, the certain fact is the change of control, not a new commercial policy.

With La Merce, suppliers of China-made accessories or small electronics to chains like MediaWorld can go into contract renewals with factory costs, European compliance tests and production lead times already verified at the manufacturer, the same elements a buyer tied to JD.com will be able to check on its own.

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