JD.com to close $2.5bn Ceconomy acquisition following EU approval

JD.com is poised to conclude its $2.5 billion acquisition of German retailer Ceconomy within days. The transaction received clearance from the European Commission following a review under the Foreign Subsidies Regulation (FSR), a mechanism designed to ensure that foreign financial support does not create unfair market distortions within the bloc.

All conditions for the offer, launched in July 2025 at 4.60 euros per share, have been met following regulatory approvals across key European markets including Germany, France, Italy, Spain, and Austria. The acquisition is executed through the company’s indirect subsidiary, Jingdong Holding Germany GmbH.

As of late 2025, shareholders had tendered approximately 59.8% of Ceconomy’s shares. While this provides JD.com with a controlling interest, it remains below the 95% threshold typically required for a squeeze-out of minority shareholders under German law. Ceconomy, which operates the MediaMarkt and Saturn electronics chains, reported 18.4 billion euros in revenue for the first nine months of the 2025-26 fiscal year. The deal represents a significant effort by JD.com to scale its retail and logistics footprint in Europe.