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Canadian convenience store operator Couche-Tard has announced plans to acquire Polish retailer Zabka in a deal valued at around USD 8.7 billion, making it the company’s largest acquisition to date. The transaction will significantly strengthen Couche-Tard’s presence in Central and Eastern Europe and nearly double its store network across the region. Backed by shareholders representing around 57% of Zabka’s share capital, the deal is expected to close by December 2026, subject to regulatory approvals and other customary conditions. The Zabka brand and franchise model will continue unchanged after the acquisition.
Canadian convenience store retailer Alimentation Couche-Tard has announced plans to acquire Poland-based convenience store chain Zabka in a transaction valued at around USD 8.7 billion. The acquisition is the largest in Couche-Tard’s history and marks a major expansion into Central and Eastern Europe after the company ended its proposed USD 46 billion takeover of Japan’s Seven & I Holdings last year.
The company said it has secured commitments from major shareholders, including CVC Capital and Partners Group, to tender their shares. These commitments represent about 57% of Zabka’s share capital, providing strong initial support for the proposed acquisition.
Under the voluntary tender offer, Couche-Tard has offered 32 zlotys per share, representing a premium of around 9.4% over Zabka’s previous closing price. The offer values the Polish convenience store operator at approximately 32.6 billion zlotys, equivalent to about USD 8.72 billion.
Following the announcement, Zabka’s shares rose by as much as 12% in early trading before easing to trade close to the offer price, reflecting investor confidence in the proposed transaction.
The companies said the acquisition will create a stronger platform across Central and Eastern Europe while generating annual synergies of around USD 250 million within three years of the deal's completion. Couche-Tard’s management expects the combination to strengthen its retail operations and diversify its business further beyond fuel sales.
During a conference call, Couche-Tard executive Alex Miller said the combined company would operate around 30,300 stores globally. Europe’s share of the combined store network is expected to increase to around 60%, compared with about 30% currently, making the region a much larger part of the retailer’s overall business.
The transaction is expected to be completed by December 2026, subject to regulatory approvals and the successful completion of the tender offer. Couche-Tard also said it plans to delist Zabka if it secures at least 95% ownership of the company.
The Canadian retailer stated that Zabka will continue to operate independently after the acquisition. Its management structure will remain in place, with the company’s Chief Executive Officer reporting directly to Alex Miller. Couche-Tard also indicated that there will be no changes to Zabka’s franchise business model.
Incoming Zabka Chief Executive Officer Tomasz Blicharski said the company’s brand identity will be maintained following the acquisition, ensuring continuity for franchise partners and customers.
The proposed acquisition comes after Couche-Tard withdrew its attempt to acquire Seven & I Holdings, the owner of the 7-Eleven convenience store chain, after stating that the Japanese company had not engaged constructively in takeover discussions. Reports also indicated that Seven & I had explored acquiring a stake in Zabka in the past week, but negotiations did not result in an agreement.
Founded in Poland, Zabka has grown into one of Central Europe’s largest convenience store operators, with around 13,000 stores across Poland and Romania. The company said its stores in Poland are typically located within 500 metres of residents’ homes, making it one of the country's most accessible neighbourhood retail networks.
Source Reuters
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