Media Markt has come under Chinese control

Chinese JD.com has acquired 59.8% of Ceconomy's equity and voting rights, the parent company of Media Markt, for €1.335 billion. The deal, initially proposed last July, faced delays due to regulatory approvals from the EU, which imposed strict conditions due to concerns over JD.com's alleged state support. JD.com aims to build a leading consumer electronics platform in Europe, promising faster deliveries and a wider product range. The new owner assured Media Markt's 50,000 employees of no layoffs for three years and the continuation of collective agreements. JD.com, founded 27 years ago, generated $158 billion in revenue and may also take over MediaMarkt's Hungarian operations.