JD.com Explores Acquisition of UK Retailer Currys in Bid for European Market, Sources Say

Consumer Staples Author: Muriel Meng Editor: Yiru Qian Feb 19, 2024 05:22 PM (GMT+8)

JD.com continues international expansion efforts.


Sources reveal that JD.com, the leading Chinese E-commerce platform, has been actively pursuing the acquisition of Currys, the largest electronics retailer in the UK.

Currys, listed in London, operates 300 stores across the UK and employs over 15,000 people. It also has stores in eight other countries. As of last Friday's market close, Currys' market valuation stood at GBP 534 million (approximately CNY 4.854 billion), representing a decline of over 90% from its peak eight years ago. Currys is currently facing a series of challenges, including a slump in third-party mobile phone sales.

According to the British media, on Saturday, local time, Currys rejected a private equity investment offer from US-based Elliott Advisors, increasing the likelihood of a bidding war. According to Currys, the GBP 700 million (approximately CNY 6.363 billion) offer "severely undervalued" the company.

Insiders indicate that JD.com has established contact with Currys in recent weeks and engaged in exploratory discussions.

In 2022, JD.com expanded its international presence beyond Southeast Asia and entered the European market with its independent retail brand, "ochama." As JD.com intensifies its overseas expansion efforts, the acquisition of a prominent UK electronics retailer undoubtedly presents new opportunities for the company's growth in Europe.