Chinese giant JD.com offers €2.2 billion for Media Markt and Saturn
Chinese e-commerce company launches voluntary takeover bid for Media Markt and Saturn parent at €4.60 per share premium.

JD.com announced on July 31, 2025, its decision to make a voluntary public takeover offer for all shares of CECONOMY AG, the parent company of European consumer electronics retailers MediaMarkt and Saturn. The Chinese supply chain-based technology provider offered €4.60 per share in cash, valuing the company at an enterprise value of €4.0 billion and representing a 42.6% premium to the three-month volume weighted average share price.
According to the investment agreement signed between both companies, CECONOMY's Management Board and Supervisory Board fully support the partnership. "This partnership with CECONOMY will build Europe's leading next-generation consumer electronics platform," said JD.com CEO Sandy Xu in the official announcement. "CECONOMY's market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success."
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The deal structure preserves continuity for CECONOMY's operations while bringing JD.com's technological capabilities to European markets. According to the terms, Convergenta Invest GmbH, CECONOMY's largest shareholder group representing the founder family, will maintain a 25.35% shareholding following the takeover. The irrevocable undertakings secured by JD.com total 31.7% of CECONOMY's shares, including commitments from major shareholders Haniel, Beisheim, Freenet, and Convergenta.
CECONOMY operates more than 1,000 retail stores across 11 countries under the MediaMarkt and Saturn brands, combining strong e-commerce presence with physical retail infrastructure. According to company data, CECONOMY generated €22.4 billion in total sales and €305 million in adjusted EBIT during fiscal year 2023/24, while serving approximately 2 billion customer contacts annually.
The acquisition brings together complementary technological capabilities from both companies. JD.com operates over 100 bonded warehouses across Europe and employs approximately 1,000 people across more than 20 European warehouses, according to the company's international expansion data. The Chinese company's logistics network includes 32 million square meters of warehouse floor area operated by JD Logistics globally.
"With JD.com's outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals," said CECONOMY CEO Dr. Kai-Ulrich Deissner. According to the announcement, the partnership aims to enhance CECONOMY's digital transformation while maintaining its European headquarters in Düsseldorf and Ingolstadt.
The transaction framework includes specific commitments regarding workforce continuity and operational independence. According to the investment agreement, JD.com pledges no workforce reductions and no site closures in connection with the transaction for a period of five years. Additionally, JD.com committed not to seek or enter into a domination and profit and loss transfer agreement for three years following the offer settlement.
Technical integration plans focus on establishing independent European technology infrastructure. According to the documentation, CECONOMY will maintain strictly independent IT systems while JD.com undertakes to establish a separate European technology stack. This approach addresses data sovereignty concerns while enabling technology transfer between the organizations.
The offer document submission to Germany's Federal Financial Supervisory Authority (BaFin) is scheduled for August-September 2025, followed by a 10-week acceptance period. According to the timeline, regulatory approvals and closing are expected in the first half of 2026, with final privatization estimated for June 2026.
Market context for this acquisition reflects broader Chinese investment patterns in European retail technology. According to industry analysis, Chinese companies have increasingly targeted undervalued European technology assets, seeking to combine Chinese operational capabilities with established European brand heritage and market access.
The consumer electronics retail sector faces ongoing transformation driven by omnichannel shopping behaviors and digital service expectations. According to recent retail industry data, brands increasingly require integrated technology platforms that seamlessly connect physical and digital shopping experiences across multiple touchpoints.
Financial structure for the transaction combines acquisition loan financing with JD.com's cash reserves. The company reported $26 billion cash on hand according to recent financial statements, while maintaining profitable operations across its technology and logistics segments.
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European regulatory review will examine foreign direct investment implications alongside standard merger control processes. According to the announcement, the takeover offer remains subject to merger control, foreign direct investment, and foreign subsidies clearances from competent European authorities.
Industry implications extend beyond retail operations to encompass advertising technology and customer data management capabilities. The combination creates potential synergies in retail media networks, where retailers leverage customer data for targeted advertising services to brand partners.
Timeline
- July 30, 2025: JD.com announces voluntary public takeover offer for CECONOMY at €4.60 per share
- August-September 2025: Submission of offer document to BaFin for regulatory review
- Q4 2025: Expected publication of offer document and commencement of 10-week acceptance period
- H1 2026: Anticipated regulatory approvals and transaction closing
- June 2026: Estimated completion of take-private process
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Why this matters
This acquisition represents a significant development for digital marketing professionals working with retail media and e-commerce technology platforms. According to PPC Land's coverage of retail technology trends, the convergence of logistics, technology, and customer data creates new opportunities for targeted advertising and measurement capabilities.
The integration of JD.com's data analytics and logistics infrastructure with CECONOMY's European retail network could accelerate retail media growth across European markets. As demonstrated in recent industry analysis, omnichannel retail experiences increasingly drive advertising effectiveness, particularly among younger demographics.
For advertising technology providers and programmatic platforms, this deal signals continued consolidation in retail technology stacks. Similar to other major acquisitions in the space, the combination of European retail infrastructure with Chinese technology capabilities may create competitive pressures for existing retail media networks.
Marketing teams working with MediaMarkt and Saturn brands should monitor the technology integration timeline for potential enhanced targeting capabilities and measurement tools. The establishment of independent European technology infrastructure suggests new advertising products and services may emerge from this partnership over the next two years.
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Summary
Who: JD.com (Chinese supply chain technology provider) acquiring CECONOMY AG (parent company of MediaMarkt and Saturn electronics retailers), with support from CECONOMY management and major shareholders including Convergenta, Haniel, Beisheim, and Freenet.
What: Voluntary public takeover offer valued at €4.60 per share in cash, representing €2.2 billion equity value and €4.0 billion enterprise value, with 42.6% premium to recent trading prices.
When: Announced July 31, 2025, with regulatory review through Q4 2025, acceptance period in early 2026, and expected closing in first half of 2026.
Where: Transaction affects CECONOMY's operations across 11 European countries with headquarters remaining in Düsseldorf and Ingolstadt, Germany, while leveraging JD.com's existing European logistics infrastructure.
Why: Strategic combination aims to accelerate CECONOMY's digital transformation through JD.com's technology and logistics capabilities while expanding JD.com's European market presence in consumer electronics retail and omnichannel commerce.