JD.com is in advanced negotiations to acquire German electronics retailer Ceconomy for €2.2 billion ($2.58 billion), according to Bloomberg and Reuters. Ceconomy confirmed on Thursday that it is holding in-depth talks with JD, noting a potential offer of €4.6 per share. No binding agreement has yet been signed. Ceconomy is the parent company of retail chains MediaMarkt and Saturn, which together operate nearly 1,000 stores across Europe and employ around 50,000 people. The company reported €22.4 billion in revenue for the fiscal year 2023/24, with €5.1 billion from online sales. Reuters notes that JD sees strategic value in Ceconomy’s extensive offline and online presence, which could support its expansion in Europe. JD had previously considered acquiring UK electronics retailer Currys, but talks fell through. Key Ceconomy shareholders, including the Kellerhals family and Haniel, have not commented on the ongoing discussions. [Reuters]
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