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The European Commission conditionally approved JD.com’s acquisition of CECONOMY on November 3, 2026, concluding its review under the Foreign Subsidies Regulation following an in-depth investigation opened in May. Officials identified subsidies in the form of preferential financing, tax incentives and grants that JD.com received from China and that could distort competition by enabling cross-subsidisation within the combined group. The approval hinges on full compliance with remedies that eliminate any unfair advantage arising from those subsidies, a Commission assessment found.
Those remedies oblige the parties to carry out all intra-group transactions, including financing, at market rates while requiring JD.com to offer its logistics, warehousing and technology services to third-party retailers on terms equivalent to those provided to CECONOMY. An independent trustee will supervise implementation of the commitments, which bind the companies for 10 years. European Commission officials stated that the package fully remedies the distortions identified during the probe.
CECONOMY reported that the EU decision satisfies the final outstanding condition for JD.com’s voluntary public takeover offer after foreign direct investment clearances had already been granted in Germany, France, Italy, Spain and Austria. With every regulatory requirement now met the parties expect to finalise the transaction within the coming days. The German company, parent of the MediaMarkt and Saturn chains, said the partnership will combine its European store network with JD.com’s platform and supply-chain capabilities.
The acquisition, valued at €2.2 billion, brings together CECONOMY’s network of more than 1,000 consumer electronics stores with the Chinese group’s expertise in e-commerce logistics and technology. JD.com, which recorded revenue of $187.2 billion last year, intends to apply its capabilities to strengthen CECONOMY’s omnichannel operations across the region. Executives on both sides have highlighted the potential for accelerated innovation and improved efficiency in European retail.
JD.com Chief Executive Sandy Xu welcomed the ruling as “positive news for the European retail market and its consumers.” She added that the company would support CECONOMY’s sustainable growth and help reinforce its competitive position through technological and logistical enhancements. The transaction represents the first Chinese takeover of a European company examined under the EU Foreign Subsidies Regulation.
Baker McKenzie successfully advised JD.com on regulatory approvals for the takeover of CECONOMY, the law firm said in a statement. Its team supported the client through the European Commission process as well as the parallel national investment reviews in the five member states. The deal underscores the procedural complexities involved when acquisitions by subsidised non-EU groups face heightened regulatory scrutiny.
