- Alimentation Couche-Tard is making a US$8.7-billion takeover play for Polish convenience retailer Żabka Group, marking its biggest acquisition to date.
- The company will launch a voluntary tender offer for Żabka at a price of 32 Polish zloty or about US$8.48 per share, representing a total equity value of approximately PLN 32.62 billion.
- The offer is backed by owners of about 57 per cent of Żabka stock, including major shareholders CVC Capital Partners and Partners Group.
- The offer period is expected to begin around August 26, 2026, with completion anticipated by December 2026 if successful.
- Couche-Tard's last major acquisition in Europe was in 2023, when it took over about 2,200 service stations from French oil company TotalEnergies for US$3.3-billion.
- Japan's Seven & i Holdings Co., Couche-Tard's main rival, had also been trying to acquire Żabka but announced earlier this month that it couldn't reach an agreement.
Alimentation Couche-Tard Inc. is set to acquire a controlling stake in Żabka Group for US$8.7 billion, marking its largest acquisition to date. The Laval, Quebec-based company will launch a voluntary tender offer at 32 Polish zloty (approximately US$8.48) per share, representing a 9.4% premium over Żabka's previous closing price.12
With over 13,000 convenience stores across Poland and Romania, Żabka is a significant player in the European market. The acquisition is supported by shareholders owning approximately 57% of Żabka's stock, including major private equity firms CVC Capital Partners and Partners Group. Couche-Tard's CEO, Alex Miller, described the deal as a transformational investment and a crucial milestone in the company's growth journey.3
The transaction is expected to yield US$250 million in cost-saving opportunities within three years and will be accretive to earnings per share by the second year post-acquisition. Couche-Tard plans to maintain Żabka's management structure and brand, emphasizing a commitment to innovation and customer-centricity. Tomasz Blicharski, Żabka's incoming CEO, expressed confidence in the partnership, stating, “Together, we will be even better positioned to accelerate growth.”
The deal is subject to regulatory approvals, including merger control by the European Commission and foreign direct investment approval in Romania. If successful, Couche-Tard aims to acquire at least 95% of Żabka's voting rights, leading to a compulsory acquisition of remaining shares and delisting from the Warsaw Stock Exchange.
The Offer Document is expected to be reviewed by the PFSA in time for the Offer period to commence towards August 26, 2026, with completion anticipated by December 2026.4
“Żabka runs more than 13,000 stores across Poland and Romania; shareholders owning 57% of the company, including CVC Capital Partners and Partners Group, have agreed to tender shares. Couche-Tard expects US$250 million in cost savings within three years, while Seven & i said earlier this month it couldn't reach a deal for Zabka.”
The Globe and Mail
PR Newswire Canada
