The European Commission granted conditional approval to JD.com’s 2.2-billion-euro acquisition of German consumer electronics retailer Ceconomy, clearing the final major regulatory hurdle for the cross-border deal ahead of a scheduled final settlement.
The transaction, valued at approximately 2.2 billion euros, gives the Chinese retail giant a controlling stake in the parent company of European store chains MediaMarkt and Saturn. Under the terms announced by the companies, the deal was cleared following an in-depth investigation by European regulators under the Foreign Subsidies Regulation, which took effect in July 2023.
European Commission Launches Formal Subsidy Investigation
The European Commission initiated a formal second-phase review on May 28, 2026, after a preliminary assessment indicated that JD.com may have received direct subsidies, tax breaks, or low-interest loans from the Chinese government that could distort the EU internal market.
Brussels examined whether state-backed financial support allowed the buyer to present a higher offer for Ceconomy, potentially putting European competitors at a disadvantage through aggressive pricing or shared infrastructure advantages. The investigation drew international friction when the Chinese Ministry of Justice criticized the inquiry in August 2026 as improper extraterritorial jurisdiction and instructed relevant parties to respond.
Separately, German authorities reviewed national security dimensions, granting conditional approval in late June 2026 with specific safeguards for customer data protection and broad oversight powers to revoke clearance if violations occur.
Commission 🇪🇺conditionally approves https://t.co/o8tdaNdqfa's acquisition of CECONOMY under the Foreign Subsidies Regulation ✅ For more information 👇 🔗https://t.co/Gz8zbSFo9M pic.twitter.com/1QwYFAQVaD
JD Accepts Ten-Year Behavioural Remedies
To secure clearance, JD.com agreed to strict behavioural remedies effective for a ten-year period. The company must conduct internal transactions with Ceconomy, including any financing, strictly under market conditions to prevent cross-subsidisation as outlined by the European Commission.
When offering warehousing, logistics, and technical services to third-party retailers across Europe, JD.com must provide terms and conditions no less favorable than those given to its new subsidiary. Ceconomy CEO Remko Rijnders noted that the conditions allow the transaction to move forward while preserving the operational drivers of the retailer’s business.
JD Secures Majority Voting Control
The transaction combines JD.com — identified by the EHI Retail Institute as one of the world’s top ten retail groups with annual sales approaching 159 billion U.S. dollars in 2024 — with a European network spanning more than 1,000 physical electronics stores across multiple countries.
Under the share structure, JD.com will hold 59.8% of the shares and voting rights, while Ceconomy retains a 25.4% stake. With Ceconomy having agreed to vote alongside the buyer on key matters, the Chinese group will hold effective voting control exceeding 85%. Both companies confirmed that all closing conditions have been satisfied, with final settlement slated for mid-November.