JD.com: This approval is positive news for the European retail market

 The partnership between CECONOMY AG (CECONOMY), parent company of MediaMarktSaturn, and JD.com has received clearance from the European Commission under the Foreign Subsidies Regulation (FSR). This represents the final outstanding regulatory approval as set out in the offer document.

This approval follows the successful Foreign Direct Investment (FDI) approvals of the partnership in Germany, France, Italy, Spain and Austria. With all offer conditions now fulfilled, CECONOMY and JD.com will proceed to close the transaction within the coming days.

Remko Rijnders, CEO of CECONOMY, said: “Our partnership with JD.com is becoming reality and a new chapter is about to begin. Together, we will accelerate our successful omnichannel retail platform strategy. We can now move from strategic vision to concrete implementation, combining the strengths of both companies to create even more meaningful Moments of Trust for our customers.”

Sandy Xu, CEO of JD.com, said: “We look forward to welcoming the CECONOMY team to JD.com. Our ambition is to support CECONOMY in accelerating its growth in a sustainable way, to further strengthen its competitive position in Europe and continue to innovate in an evolving retail market. This approval is positive news for the European retail market and its consumers.”