Richard Liu, founder and chairman of JD.com.
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Chinese e-commerce giant JD.com, controlled by billionaire Richard Liu, proposed to acquire Cecomy for 2.2 billion euros ($2.5 billion) in a deal that values German e-retailers.
JD.com said on Wednesday that the cash discount for each share of the stock was 4.6 euros. Cecomy said in another statement that the bid was a 23% premium over the deal price of Cecomy’s 3.75 euros on July 23, after media reports that JD.com is negotiating a acquisition of the company.
Cecomy shares on the Frankfurt Stock Exchange surged nearly 7% to €4.35 on Wednesday. Meanwhile, JD.com’s Hong Kong listed stock fell 3%.
Ceconomy operates MediaMarkt and Saturn, two of Europe’s largest electronic retail chains, which include online stores and have more than 1,000 brick-and-mortar stores in 11 European markets. According to the deal, JD.com will support Cecomy’s store digitization and help German companies strengthen their logistics network and supply chain management. The transaction will be completed in the first half of 2026 and will be subject to regulatory clearance.
“This partnership with Cecomy will build Europe’s leading next-generation consumer electronics platform,” said Sandy XU, CEO of JD.com in a statement. “We will work with the team to enhance capabilities while using our advanced technology capabilities to accelerate Cecomony’s continued transformation.”
JD.com seeks growth opportunities outside China as JD.com is amid growing competition with local e-commerce competitors including Tamobao-operator Alibaba and Pinduoduo-Aller PDD Holdings. JD.com had considered a bid to acquire British e-retailer Currys, but withdrew in March 2024 without reason.
Meanwhile, JD.com is said to have purchased a 70% stake in Hong Kong grocery chain Kai Bo Food Supermarket for HK$4 billion (US$510 million), reported in July, local media outlet HK01 reported according to an unnamed source. JD.com tells Hong Kong newspapers South China Morning The report is inaccurate and the acquisition price is much lower. The company did not respond Forbes Comment request.
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