Couche-Tard to acquire Poland's Żabka in its largest-ever deal
The group runs more than 13,000 compact, modular stores across Poland and Romania, handling around 4.3 million average daily transactions.
Alimentation Couche-Tard has agreed to acquire all outstanding shares of Żabka Group, Poland's largest convenience retailer, in a transaction valued at approximately PLN 32.62 billion ($8.6 billion). The Canadian operator will launch a voluntary tender offer through subsidiary Circle K Polska at PLN 32.00 ($8.48) per share, marking the largest acquisition in Couche-Tard's history.
The deal already carries unanimous support from Żabka's key executives and hard irrevocable commitments from shareholders holding roughly 57% of the company, including CVC Capital Partners and Partners Group. Couche-Tard plans to fund the purchase through committed debt facilities arranged by J.P. Morgan, with National Bank of Canada Capital Markets and Bank of Nova Scotia acting as joint bookrunners.
“We are committed to supporting the continued growth of the Żabka business while drawing from its strengths in areas such as food, digital engagement, customer loyalty, private brand, supply chain, logistics and innovation,” explained Alex Miller, President and CEO of Alimentation Couche-Tard.
Founded in 1998 and based in Poznań, Żabka has operated on the Warsaw Stock Exchange since October 2024. The group runs more than 13,000 compact, modular stores across Poland and Romania, handling around 4.3 million average daily transactions. Its digital ecosystem spans roughly 11.7 million users across loyalty, e-commerce and foodservice channels.
“Together, we will be even better positioned to accelerate growth, continue investing in our people and capabilities, and create even greater value for customers, franchisees, and communities,” said Tomasz Blicharski, Chief Strategy and Development Officer and Chief Executive Officer designate of Żabka Group.
Couche-Tard said it intends to preserve Żabka's existing management, brand and franchise model, positioning the acquisition as an extension rather than an overhaul. In Poland, the retailer's store network will complement Couche-Tard's roughly 400 existing Circle K fuel stations, giving the company an immediate, scaled foothold across Central and Eastern Europe. The deal advances Couche-Tard's "Core + More" strategy, aimed at diversifying beyond fuel retail into food, digital engagement and loyalty-driven convenience formats.
MobilityPlaza’s Take
That Couche-Tard closed this deal after Seven & i's reported interest cooled says something on its own: two of the world's largest convenience operators independently concluded that buying Żabka outright beat trying to replicate it. Żabka's growth was never accidental scale-stacking as it rests on three pillars: a retail media network built on its own foot traffic, the Żappka app's 10 million users tying loyalty, coupons and delivery together, and Nano, its camera-tracked autonomous format. Even Żabka's own language traces an evolution from corner shop to "Galaxy" to "Multidimensional Life Center," adding functions like pharmacy and post office until the store becomes a daily destination rather than a stop. For retailers, that's the part worth watching. Now exported into Romania under the Froo brand, Żabka's model has set a benchmark every operator in the region has to clear. Couche-Tard isn't just buying market share; it's buying a playbook it hasn't built itself.
