It is now official. JD.com has launched a public takeover offer for the German-listed retail holding company CECONOMY AG, the company behind Europe’s largest retailer MediamarketSaturn. The offer follows earlier reports on SecondaryMarket.news about advanced talks between the companies. JD.com’s German entity, Jingdong Holding Germany GmbH, confirmed a cash offer of € 4.60 per share, representing a 42.6% premium to the 3-month VWAP as of 23 July 2025.
SecondaryMarket.news questioned the possible impact of the acquisition on MediaMarkt’s increasing commitment to sustainability. At the time, Europe’s largest electronics retailer had been expanding its circular initiatives. In the Netherlands alone, it had processed more than 60,000 devices through a local trade-in program. MediaMarkt was also ramping up its sales of used devices across physical stores, online channels, and its marketplace platform.
A strategic partnership with Convergenta
As part of the deal, JD.com secured irrevocable undertakings from shareholders holding 31.7% of CECONOMY’s capital. Combined with the 25.35% stake retained by long-term shareholder Convergenta, JD.com is set to control 57.1% of the company. Convergenta, the strategic investment vehicle of the Kellerhals family, founders of MediaMarkt, has agreed to a shareholder pact with JD.com, aligning on the company’s future strategy while retaining influence in the business.
CECONOMY to remain locally managed
Despite the takeover, CECONOMY will continue to operate as a stand-alone entity in Europe. There will be no changes to workforce, employment contracts, or existing sites. JD.com has committed not to seek a domination or profit and loss transfer agreement for three years. Both CECONOMY’s Supervisory Board and Management Board unanimously support the transaction.
Transformation through technology and logistics
JD.com aims to use its advanced technology, omni-channel retail experience and logistics expertise to accelerate CECONOMY’s ongoing transformation. CEO Sandy Xu highlighted CECONOMY’s strong position and growth potential, adding that JD.com is committed to investing in the company’s people and platform.
CECONOMY leadership sees long-term opportunity
CECONOMY CEO Kai-Ulrich Deissner welcomed JD.com’s involvement as a catalyst for continued growth. He emphasised the importance of adapting to changing consumer expectations and believes JD.com is the right partner to lead in the evolving European retail landscape. Anchor shareholder Jürgen Kellerhals echoed this sentiment, calling the move the right step for customers, employees and long-term development.
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