JD.com completes acquisition of MediaMarkt owner Ceconomy

Following recent approval from the European Union, the Chinese conglomerate JD.com has successfully completed the acquisition of the German group Ceconomy, owner of the MediaMarkt electronics chain. The European subsidiary will, however, continue to operate as an independent company.

Strategic partnership

JD.com has acquired 59.8% of Ceconomy’s share capital and voting rights for 1.335 billion euros. Together with the 25.3% stake retained by JD.com’s partner Convergenta, this acquisition brings their combined stake in the company to 85.2%. The completion of the acquisition follows the European Commission’s final approval of the transaction earlier this month.