Alimentation Couche-Tard buys Żabka chain for $8.6B. What is known about the deal?

The Canadian convenience store operator Alimentation Couche-Tard is buying 100% of the Polish Żabka Group for $8.6 billion.

The company announced this.

For the Canadian company, this will be the largest acquisition in its history.

Deal details and terms

The purchase will be carried out through the subsidiary Circle K Polska via a voluntary tender offer at a price of 32.00 zlotys (approximately $8.48).

The deal was unanimously supported by Żabka’s executive managers as well as key shareholders — investment funds CVC Capital Partners and Partners Group. Together they own approximately 57% of the shares and have already signed commitments to sell their stakes. Żabka’s executives have also committed to reinvest a significant portion of the proceeds into Couche-Tard shares.

The transaction will be financed with borrowed funds under guarantees from J.P. Morgan, National Bank of Canada Capital Markets and The Bank of Nova Scotia.

After closing, Couche-Tard will retain the Żabka brand, the current management team and the franchise business model. In Poland the asset will complement the company’s network, which already operates nearly 400 Circle K fuel stations.

If Couche-Tard obtains at least 95% of the votes, the company will initiate a compulsory buyout of the remaining shares (squeeze-out) and delist Żabka from the Warsaw Stock Exchange.

The tender offer acceptance period is expected to start around August 26, 2026, and the deal is expected to close no later than December 2026 after obtaining approvals from regulators (including the European Commission or the Polish UOKiK, as well as Romanian authorities).

What is known about Żabka

The company was founded in 1998 in Poznań. Żabka Group operates more than 13,000 stores in Poland and Romania (including under the brands Żabka, Froo and autonomous Żabka Nano), serving approximately 4.3 million transactions daily.

The group’s digital ecosystem has 11.7 million users and includes services Maczfit, Dietly, Jush! and Delio.

Over the last 12 months (as of March 31, 2026), Żabka’s revenue was $7.4 billion and net profit was $300 million.

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