Ceconomy Has Entered Into an Investment Agreement With JD.Com
JD.com is set to launch a voluntary public takeover offer at a price of €4.60 per Ceconomy share in cash. The Investment Agreement includes commitments regarding employees, the company's headquarters, its stores, and its brands, such as MediaMarkt and Saturn.
Ceconomy AG, the listed company behind MediaMarkt, Saturn and Deutsche Technikberatung, has announced its intention to enter into a partnership with JD.com. The aim is to accelerate current growth, seize emerging market opportunities and strengthen the company's position as Europe's leading omnichannel platform for consumer electronics. To this end, JD.com has made a voluntary public cash takeover offer for all Ceconomy shares, valuing the company at €4.0 billion enterprise value (EV) and offering €4.60 per share. Currently, the share price is trading at €4.44, compared with €2.65 at the beginning of the year. JD.com has already secured irrevocable tender commitments for approximately 32% of the share capital, including from Haniel, Beisheim, Freenet and Convergenta. Following the public takeover offer, Convergenta, the founder family shareholder, will maintain a c. 25.4% shareholding in Ceconomy. Ceconomy's Management Board and Supervisory Board intend to recommend that shareholders accept the offer. It was confirmed a few days ago that advanced negotiations are underway regarding a possible public takeover by JD.com.