Italy grants conditional clearance to JD.com’s acquisition of Ceconomy

Core Insights - The Italian government has granted conditional approval for JD.com's acquisition of Ceconomy, which is part of a $2.5 billion transaction [1][2] - The approval falls under Italy's "golden power" regime, allowing the government to impose conditions on strategic asset transactions [1] - JD.com plans to acquire at least 31.74% of Ceconomy, with a potential offer of €4.60 ($5.33) per share [3] Company Overview - Ceconomy operates the MediaMarkt and Saturn retail chains, with a presence in Italy through the MediaWorld brand [1] - As of September 30, 2024, MediaMarkt and Saturn operated 1,030 stores across Europe and employed 50,000 people [4] - In the 2023/24 financial year, Ceconomy reported total sales of €22.4 billion, with €5.1 billion generated from online sales [4] Transaction Details - The Italian cabinet has authorized the transaction but has imposed unspecified conditions that JD.com must fulfill [2] - Walmart recently sold its stake in JD.com for $3.74 billion as part of its strategy to focus on its own operations in China [5]