Aid decision remains unsettled by the Commission.
In a significant move, Chinese technology and service company JD.com has announced its intention to acquire Ceconomy, the parent company of European electronics retailers MediaMarkt and Saturn. The deal, valued at four billion euros, is subject to approval from the Federal Minister of Economics, Katharina Reiche (CDU), and is not yet final.
Ceconomy, with its extensive network of over 1,000 markets in eleven European countries, employs around 50,000 people worldwide, including approximately 17,000 in Germany. Under the brands MediaMarkt and Saturn, Ceconomy operates both a nationwide branch network and online trading. In fact, the company's online business accounts for around a quarter of its total turnover.
JD.com, China's largest retailer by turnover with an annual revenue of around 159 billion US dollars (2024), is particularly active in online trading and e-commerce logistics. Known for its own logistics and technological competence, JD.com has been marginally active in Europe, with online shops under the brand Joybuy.
The proposed acquisition by JD.com has been approved by the Federal Cartel Office, which is responsible for examining the competitive effects of mergers and acquisitions. The Office has stated that the deal does not raise any competition law concerns, as the merger of JD.com and Ceconomy has few competitive touchpoints.
However, the deal is not without its potential complications. Katharina Reiche, the Federal Minister of Economics and Energy, could veto the deal if she has security policy concerns. While no specific concerns of hers regarding the merger have been mentioned, it is worth noting that in 2025, Reiche proposed a shift in energy policy focusing less on subsidies for photovoltaics and more on gas power plants to ensure affordability and supply security in the energy transition.
The deal marks JD.com's entry into Europe's largest electronics retailer, MediaMarkt-Saturn. This move is expected to significantly expand JD.com's footprint in the European market and strengthen its position in the global electronics retail sector.
As the deal progresses, it will be interesting to see how this merger shapes the landscape of the European electronics retail market and how JD.com's unique strengths in logistics and technology will be leveraged in this new venture.
