Canadian global convenience giant Alimentation Couche-Tard Inc. has announced an $8.6 billion USD voluntary tender offer to acquire Żabka Group, CEE’s premier convenience retailer. Executed through its subsidiary Circle K Polska, this deal represents Couche-Tard’s largest corporate acquisition to date.
The transaction is backed by Żabka’s leadership and majority shareholders CVC Capital Partners and Partners Group (holding 57% of shares). The acquisition is financed through committed debt facilities with major Canadian financial institutions National Bank of Canada Capital Markets and Scotiabank acting as Joint Bookrunners alongside Lead Arranger J.P. Morgan.
Key highlights for the Eastern European & Romanian market
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Żabka operates over 13,000 neighborhood stores across Poland and Romania (where the group operates under the Froo retail banner), serving over 4.3 million daily transactions.
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Couche-Tard will maintain Żabka’s existing management structure, brand identity, and franchise model while leveraging its supply chain infrastructure.
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The acquisition creates a Central & Eastern European hub for Couche-Tard, complementing its existing network of Circle K stations across the region.
This transaction marks one of the single largest Canadian capital deployments in Eastern European retail history, supporting North American investor confidence in the region’s consumer market.