Canada-based Alimentation Couche-Tard has commenced a formal takeover offer for Polish convenience retailer Zabka Group.
The company has set the offer price at 32 zlotys a share, in line with its earlier announcement, valuing Zabka at 32.62bn zlotys ($8.74bn).
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The bid is being carried out through Circle K Polska, its local subsidiary, while Ipopema Securities is acting as the intermediary.
The move gives formal shape to Couche-Tard’s effort to acquire the entire share capital of Zabka and ultimately remove the company from trading on the Warsaw Stock Exchange.
With 400 Circle K fuel stations in Poland, Couche-Tard said it also intends to retain Zabka’s workforce and leave its external debt structure in place.
The offer period for shareholders starts on 27 August 2026 and will continue until 25 September. Completion of the share purchase is scheduled for 30 September.
Support for the transaction has already come from Zabka’s largest shareholders. CVC Capital Partners and Partners Group have each agreed separately to tender all of their holdings into the bid.
For the 12 months to 31 March 2026, Żabka recorded revenue of $7.4bn, adjusted EBITDA [earnings before interest, taxes, depreciation and amortisation] of $1.1bn and net profit of nearly $0.3bn.
Zabka operates approximately 13,000 stores in Poland and Romania. In its home market, the chain’s outlets are located on average within 500 metres of residents’ homes.
On a pro forma basis, the combined business would have last-12-month revenue of approximately $83.9bn, adjusted EBITDA of $7.8bn and an adjusted EBITDA margin of close to 9.3%, before synergies.
Couche-Tard identified possible cost and revenue synergies of $250m, with full realisation targeted by the third year after completion.
The deal comes after Japanese retailer Seven & i Holdings ended discussions last month regarding a potential investment in Żabka.
