Couche-Tard agrees to buy control of Żabka — the largest deal in its history

CEE M&A Monitor

Convenience retail Poland Large-cap 31 Jul 2026

Couche-Tard agrees to buy control of Żabka — the largest deal in its history

Alimentation Couche-Tard, the Canadian owner of Circle K, has agreed to acquire a controlling stake in Żabka Group and will launch a voluntary tender offer at PLN 32.00 per share, valuing the Polish convenience operator at roughly PLN 32.6 billion (about USD 8.6 billion). Shareholders holding approximately 57% — funds managed by CVC, Partners Group and key management — have irrevocably committed to tender. Żabka operates more than 13,000 stores across Poland and Romania; the brand, franchise model and management structure are to be retained. The offer is expected to open around 26 August, with completion targeted by December 2026, subject to approvals from the European Commission and the Polish and Romanian authorities.

Our take The largest acquisition in Couche-Tard's history is a Polish company — that sentence alone tells you how global strategics now price CEE consumer platforms. Note what the buyer is actually paying for: not the store count but the machine behind it — a franchise system, logistics density and a digital loyalty engine that would take a decade to replicate. Scale aside, that is the same lesson our segment teaches every month: buyers pay premiums for repeatable systems, not for assets.

Source: Żabka Group →Bloomberg →

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