Chinese e-commerce giant JD.com is in advanced talks to acquire Germany’s Ceconomy AG, owner of MediaMarkt – the German equivalent of JB Hi-Fi – in a deal worth €2.2 billion (A$3.5 billion).

The proposed offer of €4.60 per share in cash represents a 23% premium on Ceconomy’s last closing price and sent shares in the company soaring by over 14%.

Ceconomy confirmed the talks in a statement but emphasised that no legally binding agreement has been signed and a final offer is not guaranteed.

JD.com, which last year walked away from a potential deal with UK electronics retailer Currys, has been exploring international expansion amid slowing growth in its domestic Chinese market.

A successful acquisition of Ceconomy would give JD.com an instant physical retail footprint across Europe, with over 1,000 stores operating under the MediaMarkt and Saturn brands.

Analysts say the deal could unlock major synergies between JD.com’s logistics infrastructure and Ceconomy’s bricks-and-mortar presence, particularly in last-mile delivery and customer engagement.

However, a hurdle in the deal remains.

JD.com needs support from Ceconomy’s key shareholders, including the founding Kellerhals family and investment firm Franz Haniel & Cie.

Reports suggest some shareholders are hesitant to sign binding commitments, potentially complicating the path to a full takeover.

Still, the renewed talks highlight JD.com’s long-term ambition to establish a stronghold in Europe’s consumer electronics sector.