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JD.com takes control of German electronics chain Ceconomy
JD.com completed its takeover offer for Ceconomy, a Germany-based consumer electronics retailer, on November 12.
Through its German subsidiary, JD.com acquired 59.8% of Ceconomy for 1.3 billion euros (US$1.48 billion) after receiving merger, foreign investment, and European Union foreign subsidies clearances.
Ceconomy became a JD.com subsidiary, and JD.com will consolidate its financial results from November 12.
Together with partner Convergenta, which retained a 25.3% stake, JD.com said the two parties now hold a combined 85.2% of Ceconomy.
Ceconomy operates more than 1,000 stores in 11 markets under the MediaMarkt, Saturn, and MediaWorld brands.
JD.com said Ceconomy will remain a standalone business in Europe with independent local technology systems, with no planned changes to the workforce, employee agreements, or sites.
The European Commission had conditionally approved the acquisition under the European Union Foreign Subsidies Regulation.
🔗 Source: JD.com
