(Feb 5): Chinese e-commerce firm JD.com Inc has renewed its interest in acquiring German electronics retailer Ceconomy AG, according to people familiar with the matter.

JD.com recently approached Ceconomy about a potential deal and has started sounding out large shareholders of the German company, the people said, asking not to be identified because the information is private.

Shares of Ceconomy jumped as much as 15% in Wednesday trading, hitting the highest intraday level since March 2022 and giving the company a market value of about €1.7 billion (US$1.8 billion or RM7.9 billion).

JD.com has been hunting for acquisitions to expand amid weakness in the domestic economy, and last year it explored an acquisition of British electronics retailer Currys Plc before eventually walking away. The delivery network of JD.com’s logistics arm would also be complementary to Ceconomy’s brick and mortar stores. Ceconomy operates roughly 1,000 stores in Europe under the MediaMarkt and Saturn brands, according to its website.

Ceconomy’s major shareholders include the holding company of the Kellerhals family, which founded MediaMarkt, as well as family-owned Franz Haniel & Cie. GmbH, according to data compiled by Bloomberg. Other top investors include vehicles connected to the Schmidt and Beisheim families, which started German retailer Metro AG.

JD.com previously expressed interest in Ceconomy in late 2023, some of the people said. Deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said.

A spokesperson for Ceconomy declined to comment, while a representative for JD.com didn’t immediately respond to queries.

Uploaded by Magessan Varatharaja