Alimentation Couche-Tard Inc. just made its boldest move yet, announcing Friday that it has agreed to acquire Poland's Zabka Group for approximately $8.6 billion — a price tag that instantly becomes the largest acquisition in the Canadian convenience store operator's history.

The Offer on the Table

Couche-Tard said it plans to launch a voluntary tender offer for all outstanding shares of Zabka, the company behind Poland's largest convenience store network, pricing each share at 32 Polish zlotys. That translates to an equity value of roughly 32.62 billion zlotys, or about $8.6 billion — a number big enough to make even seasoned dealmakers pause and take notice.

Why Zabka Caught Couche-Tard's Eye

The acquisition would hand Couche-Tard a substantial convenience store platform stretching across Central and Eastern Europe — territory it hasn't deeply penetrated before. Founded in 1998 and headquartered in Poznań, Zabka operates more than 13,000 convenience stores across Poland and Romania, processing roughly 4.3 million transactions every single day, according to Couche-Tard's announcement. Its stores lean compact by design, typically averaging around 700 square feet — small footprints built for speed and neighborhood convenience rather than sprawling retail space.

The Financial Math Behind the Deal

Couche-Tard said Zabka pulled in about $7.4 billion in revenue for the 12 months ended March 31. Combined, the two companies would generate roughly $84 billion in annual revenue — a figure that places the merged entity firmly among the giants of global retail. The companies also expect the deal to unlock about $250 million in cost and revenue synergies, with full realization projected by the third year following closing.

Leadership's Take on the Merger

"Zabka has built one of Europe's most impressive convenience retail businesses, combining a powerful customer proposition with an entrepreneurial franchise model, a highly disciplined and proven operating platform, and a strong track record of growth," said Alex Miller, president and CEO of Couche-Tard, framing the acquisition as less of a takeover and more of a partnership built to last. "We are committed to supporting the continued growth of the Zabka business while drawing from its strengths in areas such as food, digital engagement, customer loyalty, private brand, supply chain, logistics and innovation."

A Company on the Acquisition Trail

Couche-Tard, which operates nearly 17,300 stores spanning 27 countries and territories under the Circle K and Couche-Tard banners, has spent recent years actively hunting for ways to expand its global footprint. This latest deal arrives on the heels of a much bigger swing that didn't connect — the company abandoned its pursuit of Japan-based Seven & i Holdings Co., parent of 7-Eleven, last year, walking away from what would have ranked among the largest retail transactions ever attempted.

Plans for Zabka's Public Listing

If Couche-Tard secures at least 95% of Zabka's voting rights, the Canadian retailer intends to move forward with delisting the company from the Warsaw Stock Exchange entirely. That would close a relatively short chapter for Zabka as a public company — it only went public on the Warsaw exchange in October 2024, raising about 6.45 billion zlotys, roughly $1.6 billion at the time, in what stood as one of Europe's largest public listings that year.

What Stays the Same

Despite the ownership change, Couche-Tard said it plans to preserve Zabka's existing management structure, brand identity and franchise model — a signal that this acquisition is designed to build on what's already working rather than tear it down and start over.

Key Backers Already on Board

The transaction already carries substantial support, with Zabka's key executives and shareholders representing about 57% of outstanding shares — including private equity firms CVC Capital Partners and Partners Group — having agreed to tender their stakes. CVC Capital originally acquired a majority stake in Zabka back in 2017, with Partners Group joining as an investor in 2019, meaning both firms have ridden the company's growth for years before this exit.

Zabka's Leadership Reflects on the Journey

Tomasz Suchanski, CEO and chair of Zabka Group, credited the deal to years of effort from the company's employees, customers, franchisees, business partners and private equity backers. Under CVC Capital Partners and Partners Group's ownership, he said, the company "underwent a remarkable transformation, strengthened its market position and expanded into new areas of growth" — a trajectory that ultimately made it attractive enough to draw an $8.6 billion offer from across the Atlantic.

Couche-Tard and Zabka did not immediately respond to requests for information regarding legal counsel involved in the transaction.