Alimentation Couche-Tard to Acquire Zabka Group for $8.6 Billion

Alimentation Couche-Tard Inc. announced on July 31, 2026, that it will acquire the Polish convenience retailer Zabka Group in a transaction valued at approximately $8.6 billion. The Canadian company will launch a voluntary tender offer through its subsidiary, Circle K Polska sp. z.o.o, at a price of 32 Polish zloty per share.

This acquisition marks the largest in the company's history and is designed to advance its Core + More strategy by providing a scaled platform in Central and Eastern Europe. Zabka Group currently operates over 13,000 stores across Poland and Romania, including the Froo brand. The deal has received unanimous support from Zabka's executive managers and shareholders holding roughly 57% of shares, including CVC Capital Partners and Partners Group.

Couche-Tard intends to preserve Zabka's brand and management structure while integrating its digital and loyalty capabilities. The transaction will be funded via debt facilities underwritten by J.P. Morgan, National Bank of Canada Capital Markets, and The Bank of Nova Scotia. The deal remains subject to regulatory approvals from the European Commission, Poland's UOKiK, and Romania's Comisia pentru examinarea investiţiilor străine directe.

If the company secures 95% of the voting rights, it plans to execute a compulsory squeeze-out of remaining shareholders and delist Zabka from the Warsaw Stock Exchange.