The European Commission on 3 November 2026 conditionally approved JD.com's acquisition of CECONOMY, the German owner of the MediaMarkt, MediaWorld and Saturn electronics chains, under the EU's Foreign Subsidies Regulation. CECONOMY said the decision meant all completion conditions of JD.com's public takeover offer had now been met.
Deal terms and financing
JD.com's offer of €4.60 per share values CECONOMY's equity at about €2.2bn. JD.com secured about 85.2% of the shares through the offer. Reports say JD.com is aiming to complete the transaction by 12 November.
Regulatory approvals and timing
The Commission found that JD.com had received foreign subsidies from the People's Republic of China, including preferential financing, tax incentives and grants, that could improve the combined group's capacity to finance activities in the EU and engage in aggressive pricing. To address the concerns, the parties committed to conduct intra-group transactions, including JD.com financing for CECONOMY, on market terms, and to offer JD.com's warehousing, logistics and technology services to third-party retailers on the same terms as to CECONOMY. The commitments, strengthened after a market test, run for ten years and will be monitored by an independent trustee.
Market context
The clearance followed an in-depth investigation and a Statement of Grounds. CECONOMY is headquartered in Germany and operates online and in stores in several EU member states; JD.com is listed in New York and Hong Kong.
