Chinese e-commerce giant JD.com announced on November 12 that it had completed its takeover offer for German electronics retailer Ceconomy, acquiring a 59.8% stake and voting rights for €1.335 billion (US$1.55 billion).

Ceconomy, which operates the MediaMarkt and Saturn retail chains, has become a JD.com subsidiary following the transaction.

Together with the 25.3% stake retained by its partner Convergenta, JD.com and Convergenta now hold a combined 85.2% of Ceconomy.