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Chinese retail giant JD is set to expand its presence in the international marketplace after a deal was announced for it to acquire German electronics retailer Ceconomy AG.
Kai-Ulrich Deissner, CEO of the Dusseldorf-based company, told Reuters the deal, which values the company at 2.2 billion euros ($2.5 billion), should be completed in the first half of next year.
"It's exactly the right partner at the right time," he said. "Through the partnership, we have access to technologies, world-leading retail expertise, and supply chains that are unparalleled worldwide."
The purchase of Ceconomy's two brands, MediaMarkt and Saturn, will give JD access to around 1,000 stores across Europe, employing nearly 50,000 people.
The sale marks the latest development in an expansion into European markets that dates back to 2022, when JD bought Netherlands retail brand Ochama. It has since also made a major investment in France and explored buying into the United Kingdom's domestic electronics market.
Earlier this year, the company's real estate arm, JD Property Group, spent 37 million pounds ($48.9 million) on buying an office building in London's Victoria district, having bought a 33,500-square meter warehouse in 2022 in Milton Keynes, which is about 80 kilometers from central London.
"This investment offers strong rental growth and value creation potential. It also demonstrates our execution capability, as we completed the transaction within four weeks, even though it is our first investment in the UK," Cen Shen, head of European Business at JD Property Group Corporation, said at the time. "We will continue to invest in prime locations in the UK and Europe over the next few years."
The latest European expansion has taken on an added significance in light of upheaval in global business markets caused by the United States' tariffs policy.
Deissner said there would be no compulsory redundancies for three years after the deal has gone through, and JD's CEO Xu Ran said the company was keen to learn from the Germans' local market expertise.
"We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate Ceconomy's ongoing transformation," she said. "Our goal is to further grow Ceconomy's platform across Europe and create long-term value for customers, employees, investors, and local communities."
The largest single shareholder in Ceconomy is the Kellerhals family, which owns just less than 30 percent of the company. It has agreed to sell some of its stake but remain a significant shareholder, with more than 25 percent.
A group of investment companies that together control 27.9 percent of Ceconomy has agreed to sell its entire holding to JD.
The Chinese company said it has made a cash offer of 4.6 euros for each share, which Ceconomy said represents an increase of 23 percent compared to the trading price before JD's interest was first reported, just over a week ago.
