Canadian retailer Alimentation Couche-Tard, known for its Circle K stores, announced its largest acquisition to date, planning to buy Polish convenience-store operator Zabka for approximately $8.7 billion. The deal involves a voluntary tender offer of 32 zlotys per share, representing a 9.4% premium over Zabka's previous closing price. This move is expected to significantly expand Couche-Tard's footprint in Central and Eastern Europe, adding immediate scale and leveraging Zabka's recognized brand and franchise model.
Couche-Tard aims to delist Zabka from the Warsaw Stock Exchange if it acquires at least 95% of the total voting rights. Key shareholders, including private equity firms CVC Capital Partners and Partners Group, representing about 57% of Zabka's stock, have committed to tendering their shares. The acquisition is expected to close by December 2026 and is anticipated to generate approximately $250 million in annual cost-saving opportunities within three years.
The combined entity would operate around 30,300 stores, with Europe's share of the store base increasing from 30% to about 60%, enhancing diversification away from fuel. While Couche-Tard considers this a transformational investment, Polish financial services group MBank suggested that the bid might not fully capture Zabka's long-term potential, citing the company's strong market position, extensive network, and strategic initiatives.
