China's JD.Com to acquire German electronics retailer Ceconomy
Ceconomy last week confirmed it was in advanced negotiations over a potential takeover at 4.60 euros per share, which would value a deal at around 2.2 billion euros ($2.53 billion).
Ceconomy's MediaMarkt and Saturn brands will give JD.com access to one of the largest online shops for electronic goods in Europe and a network of around 1,000 stores in several European countries. Around 50,000 people work at the two chains.
Ceconomy had annual sales of 22.4 billion euros in its 2023/24 financial year, of which 5.1 billion euros were online.
JD.com, which competes with Alibaba (9988.HK), opens new tab and Amazon (AMZN.O), opens new tab, had looked at an acquisition of British electronics retailer Currys (CURY.L), opens new tab last year.
Fitch Ratings on Wednesday said the takeover could bolster Ceconomy's credit profile, by leveraging the latter's stronger credit profile and global reach.
($1 = 0.8708 euros)
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