Chinese e-commerce giant JD.com has unveiled a voluntary public takeover offer for Germany’s Ceconomy, valuing the consumer-electronics retailer at about €2.2 billion ($2.5 billion). The all-cash bid of €4.60 a share was announced late Wednesday after weeks of negotiations and is backed by Ceconomy’s management and supervisory boards. Key shareholders Haniel, Beisheim, BC Equities and Freenet, which together hold roughly 28% of Ceconomy, have agreed to tender their stakes. The Kellerhals family, the largest investor, will sell a small portion of its holding but plans to remain a long-term shareholder with around 25%. The companies expect the transaction to close in the first half of 2026, pending antitrust and other regulatory approvals. JD.com said Ceconomy’s Düsseldorf headquarters and the MediaMarkt and Saturn brands will be retained, and it pledged no compulsory redundancies for at least three years after closing. Ceconomy operates more than 1,000 stores across 11 European countries and employs about 50,000 people; it generated €22.4 billion in sales in its 2023/24 fiscal year, including €5.1 billion online. The deal deepens JD.com’s push into Europe as growth in its home market slows and competition intensifies. Fitch Ratings said the takeover could improve Ceconomy’s credit profile by linking it to JD.com’s stronger balance sheet and supply-chain capabilities. Investors reacted positively to the target’s prospects, sending Ceconomy shares up 6.9% in Frankfurt on Wednesday, while JD.com slipped roughly 2.4% in Hong Kong trading.