Italy’s government granted conditional approval to Chinese e‑commerce giant JD.com’s takeover of German electronics retailer Ceconomy on November 27 2025, clearing a major regulatory hurdle under Italy’s golden‑power legislation. The approval allows the deal to proceed pending further clearance, but it comes with specific conditions that Italy has imposed to safeguard national interests.
JD.com’s offer of €4.60 per share values the transaction at roughly €2.2 billion. The acquisition gives JD.com access to Ceconomy’s extensive European retail network, including the MediaMarkt and Saturn brands, and a customer base of about 1,000 stores across Europe. The deal is expected to close in the first half of 2026 after final regulatory review.
Ceconomy’s recent financial performance has been mixed. In fiscal year 2023/24, sales reached €22.4 billion with an adjusted EBIT of €305 million, while the third quarter of 2022/23 saw sales of €4.5 billion and an adjusted EBIT of –€60 million. Net margins fell to 0.01 % in 2023/24 from 0.6 % the year before, reflecting pricing pressure and high operating costs.
JD.com plans to leverage its advanced technology, logistics network, and e‑commerce expertise to transform Ceconomy into a leading omni‑channel consumer‑electronics platform. The acquisition is part of JD.com’s broader strategy to counter domestic competition from Alibaba and PDD Holdings and to expand its global footprint through the “10 Billion Growth Plan” and European logistics investments.
The approval signals Italy’s willingness to allow foreign investment in strategic assets while maintaining oversight. For JD.com, the deal represents a significant step toward diversifying revenue streams and accessing a mature European market, potentially offsetting slowing growth in China.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.