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JD-SW Proposes to Acquire European Consumer Electronics Retailer CECONOMY at EUR4.6 Per Shr
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JD-SW (09618.HK) announced its decision to make a voluntary public takeover offer, through its wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH, to CECONOMY's shareholders, to acquire all issued and outstanding bearer shares in CECONOMY for a cash consideration of EUR4.6 per share, and establish a strategic investment partnership. Regarding their future cooperation, JINGDONG Holding Germany GmbH and CECONOMY's largest shareholder group comprising Convergenta and related shareholders entered into a shareholders' aggreement, effectiveness of which is subject to the completion of the takeover offer. As a result, post the completion of the takeover offer, Convergenta will hold 25.35% of the CECONOMY shares. The takeover offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The takeover offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company's cash on balance sheet. The closing of the takeover offer is expected to take place in 1H26. CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY's growth as a stand-alone business and accelerate CECONOMY's transformation into Europe's leading omni-channel consumer electronics platform. AASTOCKS Financial News Website: www.aastocks.com |
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