BRIEF: JD.com in talks to acquire German electronics retailer Ceconomy
German electronics retailer Ceconomy (CECG.DE) confirmed on Thursday that it is in talks to be acquired by Chinese e-commerce giant JD.com Inc. (9618.HK, JD.US). According to Reuters, JD.com has offered 4.60 euros per share, representing a 23% premium over Ceconomy’s Wednesday’s closing price, valuing the deal at around 2.2 billion euros ($2.59 billion).
Ceconomy is the largest consumer electronics retailer in Europe, with brands including the MediaMarkt and Saturn chains. The company operates around 1,000 stores across several European countries and employs approximately 50,000 people. In its 2023/24 fiscal year, Ceconomy reported sales of 22.4 billion euros, with 5.1 billion euros from online sales.
If completed, the deal would mark a major advance in JD.com’s expansion into the European market, leveraging Ceconomy’s extensive online and offline retail networks to strengthen its regional e-commerce footprint. JD.com previously explored acquiring British electronics retailer Currys last year, but the talks ultimately fell through.
JD.com’s shares fell 1.36% to close at $33.47 in New York on Thursday. In Hong Kong, the stock opened lower on Friday and closed at HK$130.2 by the midday break, down 2.33%.
By Lee Shih Ta
To subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
RELATED ARTICLES
-
BRIEF: iMotion pursues German automotive electronics acquisition
1274.HK -
BRIEF: CATL in talks to acquire Nio’s battery-swapping unit
9866.HK NIO.US
-
Fosun International sheds real estate assets in Portugal
0656.HK
-
BRIEF: X.J. Electronics to raise up to $28 million in Hong Kong IPO
2619.HK
-
Alibaba turns up its ‘instant retail’ game
9988.HK BABA.US
-
BRIEF: Synagistics to acquire Chinese AI firm for $30 million
2562.HK
-
BRIEF: Prada to acquire Versace for $1.4 billion
1913.HK
