Key facts
- Alimentation Couche-Tard plans to acquire Zabka Group, Poland's largest convenience retailer.
- The deal is valued at approximately $8.7 billion (32.6 billion zloty).
- Zabka Group operates over 13,000 convenience stores in Poland and Romania.
- Major shareholders, including CVC Capital Partners and Partners Group, have agreed to tender their shares.
- The acquisition is Couche-Tard's largest to date and aims to expand its presence in Eastern Europe.
Alimentation Couche-Tard Inc. announced its intention to acquire Zabka Group, Poland's largest convenience store chain, for approximately $8.7 billion (32.6 billion zloty). This move marks Couche-Tard's largest acquisition to date and signifies a significant expansion of its footprint in Central and Eastern Europe.
The transaction, which involves a voluntary tender offer at PLN 32.00 per share, has the support of Zabka's key executive managers and shareholders representing about 57% of the company's shares, including private equity firms CVC Capital Partners and Partners Group. Couche-Tard plans to finance the acquisition through committed debt facilities arranged by J.P. Morgan.
Founded in 1998 and listed on the Warsaw Stock Exchange since October 2024, Zabka Group operates over 13,000 convenience stores across Poland and Romania, serving approximately 4.3 million daily transactions. The company's network consists of compact neighborhood stores, including a chain of autonomous, unmanned outlets. Zabka also boasts an advanced digital retail platform with over 11.7 million users across its digital channels.
For Couche-Tard, this acquisition is expected to add a scaled platform in Eastern Europe, preserving Zabka's management, brand, and franchise model. It complements Couche-Tard's existing network of nearly 400 Circle K service stations in Poland. Couche-Tard anticipates approximately $250 million in cost-saving opportunities within three years and expects the transaction to be accretive to its profit margin.
This deal follows Japan's Seven & i Holdings, a rival to Couche-Tard, abandoning its own planned investment in Zabka. Couche-Tard had previously withdrawn its $20 billion bid for Seven & i last year.