JD acquires majority interest in German electronics firm

Chinese e-commerce giant JD said on Wednesday it has acquired approximately 59.8 percent of the shares and voting rights in German electronics retailer Ceconomy.

When combined with the stake to be retained by its future partner Convergenta, JD’s total shareholding in Ceconomy would reach 85.2 percent. Convergenta was the largest shareholder in Ceconomy before JD’s offer during the additional offer period.

According to JD, closure on the deal is expected to take place in the first half of next year, subject to regulatory clearances.

JD announced in July that it had agreed to submit a takeover bid for Ceconomy as part of a push into overseas markets amid increasingly intense competition in China’s domestic market.