JD.com Moves Closer to MediaMarktSaturn Takeover After German Approval

JD.com has taken another major step toward acquiring MediaMarktSaturn after Germany’s Federal Ministry for Economic Affairs and Energy approved the planned transaction. The decision comes with several conditions, however, and the takeover still requires further regulatory clearances before it can be completed.

Customer data protection is a key condition

The German ministry’s approval is closely linked to safeguards concerning customer information. Personal data belonging to customers in Germany must remain protected under the conditions attached to the deal.

The German government will also receive extensive rights to monitor compliance with the agreement. Should JD.com fail to meet the required conditions, the authorities would have the power to withdraw their approval.

The decision followed an investment review examining whether the acquisition could pose risks to public order or security in Germany.

JD.com welcomed the outcome and said it expects the transaction to receive all necessary approvals in the second half of 2026.

Regulatory reviews continue across Europe

The German decision does not mean the acquisition is complete. Because MediaMarktSaturn operates across several European markets, the deal is being assessed by authorities in multiple countries.

The transaction has already received approval in France, Italy and Germany, while decisions in Spain and Austria are still pending.

In Germany, competition concerns were addressed earlier. The Federal Cartel Office had already cleared the acquisition, partly because JD.com has so far had only a limited presence in the German market.

European Commission investigates possible foreign subsidies

A separate and potentially decisive review is still underway at the European Union level.

The European Commission is examining whether JD.com may have benefited from foreign subsidies capable of distorting competition within the EU single market. One of the issues under investigation is whether financial support from China could have allowed the ecommerce company to submit a higher offer for Ceconomy than would otherwise have been possible.

Brussels is also assessing the potential impact of the takeover on competition in the European market.

The Commission has until October 2, 2026, to issue its final decision. Its approval is required before the ownership change can be completed.

Background to the deal

JD.com launched its takeover bid for Ceconomy, the parent company of MediaMarktSaturn, in the summer of 2025 and secured a majority stake several months later.

The Chinese ecommerce group has also been expanding its own retail presence in Germany. In March 2026, it launched the Joybuy online store in the country.

Ceconomy operates more than 1,000 stores across eleven European countries, including approximately 400 locations in Germany. Saturn stores now operate exclusively in the German market.

In its latest completed financial year, Ceconomy reported revenue of €23.1 billion. The group employs around 50,000 people worldwide, including almost 20,000 in Germany.

The German approval removes another obstacle for JD.com, but the acquisition will remain uncertain until the outstanding national reviews and the European Commission’s investigation are completed.