JD.com To Acquire CECONOMY For EUR 4.60/shr

(RTTNews) - CECONOMY AG announced that it has entered into an investment agreement with JINGDONG HOLDING GERMANY GmbH, a company indirectly controlled by JD.com. This move follows the Bidder's announcement of its intention to launch a voluntary public takeover offer for all outstanding shares in CECONOMY at a price of 4.60 euros per share.

CECONOMY's Management and Supervisory Boards have expressed preliminary support for the offer, although this is subject to review once the official offer document is published.

The proposed deal will need to clear several regulatory hurdles. These include approvals related to merger control and foreign investment rules, along with compliance under the EU Foreign Subsidies Regulation.

In connection with the offer, JINGDONG HOLDING GERMANY GmbH also signed a shareholder agreement with Convergenta Invest GmbH. Convergenta, which represents the Kellerhals family—the founding family behind MediaMarkt—currently holds about 29.16% of CECONOMY shares. As part of the agreement, Convergenta plans to tender 18.5 million shares (equivalent to 3.81%), retaining a remaining stake of approximately 25.35%.

Further support for the takeover has come from other major shareholders. Haniel Finance Deutschland GmbH, Beisheim Holding GmbH, BC Equities GmbH & Co. KG, and freenet AG—collectively holding roughly 27.9% of CECONOMY's shares—have each irrevocably agreed to accept the Bidder's offer.