DÜSSELDORF/BEIJING – Chinese online retail giant JD.com is reportedly in advanced talks over a potential acquisition of Media Markt and Saturn, two of Germany’s leading electronics chains. As confirmed by parent company Ceconomy AG, negotiations are ongoing, with JD.com offering €4.60 per common share, valuing the deal at approximately €2.23 billion—a premium over the current market valuation.
If successful, the deal would mark a significant entry of one of China’s largest e-commerce players into the German and European retail landscape. Ceconomy currently has about 485 million common shares outstanding, and its stock has risen sharply in recent weeks—from €2.66 in early June to €4.11 at the end of July.
No Binding Agreement Yet – Talks Continue
A formal agreement has not yet been signed. JD.com representatives in Beijing stated the discussions are “constructive and progressing positively,” but declined to provide further details. Ceconomy described the potential deal as a “strategic step that could unlock international synergies.”
According to reports from Reuters, Handelsblatt, and Süddeutsche Zeitung, the negotiations have been underway for several months. City officials and economic development agencies in Düsseldorf, Ceconomy’s headquarters, have cautiously welcomed the possibility, suggesting it could strengthen the location and lead to further investment.
Founding Family and Major Investors Stay Quiet
Notably, major shareholders have remained silent. The Kellerhals family, co-founders of Media Markt and still holding about 30% of Ceconomy through their investment firm Convergenta, have not commented on the offer. Other key shareholders such as Freenet, Beisheim Group, and Meridian Foundation have also refrained from public statements. Analysts speculate that decisions may be in preparation behind closed doors.
Analysts: JD.com Could Digitally Transform MediaMarktSaturn
Industry experts believe JD.com’s move could be a game-changer. “JD.com is actively seeking a foothold in Europe—MediaMarkt and Saturn, with their brand recognition and over 1,000 retail locations, offer a strong foundation,” said Chen Wei, a retail analyst with Caixin Global. German analysts, such as those from Warburg Research, expect a major digital transformation of the retailer if the acquisition proceeds, particularly in strengthening online sales capabilities.
Background: Iconic Brands Facing Pressure
Founded in 1979 by Erich and Helga Kellerhals, Media Markt merged with rival Saturn in 1990. Since 2014, both have operated under the MediaMarktSaturn Retail Group GmbH, a subsidiary of Ceconomy. The group has struggled in recent years with declining margins, intense online competition, and challenging international expansions, especially in markets like Turkey and southern Europe.
What’s Next: Turning Point Ahead?
Whether JD.com’s takeover will materialize remains uncertain. Ceconomy has stated that it “cannot predict the outcome of the ongoing negotiations.” Nevertheless, should the acquisition move forward, it could reshape the German electronics retail market—and possibly inspire similar moves by other Asian tech giants. Reports from Shanghai, Hong Kong, and Berlin already describe the talks as a potential “turning point in German retail.” (zai)