JD.com is set to acquire German electronics retailer Ceconomy for EUR2.2 billion (USD2.56 billion), making it one of the largest acquisitions by a Chinese company in Europe in recent years.
Kirkland & Ellis and Baker McKenzie guided parties on the transaction that has been seen as an important move for the e-commerce giants to break into the European market.
Under the agreement, JD.com will make a voluntary public takeover offer through its subsidiary to Ceconomy’s shareholders, offering a cash consideration of EUR4.6 per share. The parties have signed an investment agreement, and the acquisition is expected to take place in the first half of 2026.
JD.com said that, together with shares retained by its partner, it had secured a total majority stake of 57.1%. Through this alliance, Frankfurt-listed Ceconomy is expected to benefit from JD.com’s advanced technology, logistics network and delivery services, providing customers with faster and more convenient services.
Baker McKenzie acted for JD.com, with corporate and M&A partners Dirk Horcher and Christoph Wolf acting as leading counsel.
Kirkland & Ellis’ Frankfurt-based corporate partners Tobias Larisch and Sebastian Pitz, who were assisted by Munich-based capital markets partner Anna Schwander, advised Ceconomy.
Horcher said, “Only a few months after the move of my team to Baker McKenzie, I am very pleased about our contribution to realise the success of JD.com in such a complex takeover transaction due to our strengthened combined premier public M&A experience in Germany.”
Ceconomy, the parent company of MediaMarkt and Saturn, operates more than 1,000 stores in 11 countries, alongside its e-commerce business. In the 2023-24 financial year, the company’s annual sales reached EUR22.4 billion, of which EUR5.1 billion came from its online business.
Chinese e-commerce giant JD.com is a supply chain-based technology and service provider, with a retail and logistics network. It offers a variety of goods from home appliances to general merchandise via stores and online.
