The transaction represents the largest acquisition in Alimentation Couche-Tard’s history, with a total equity value of approximately USD 8.6 billion.
WARSAW – 31 July 2026 – Alimentation Couche-Tard Inc. ("Couche-Tard") (TSX: ATD), a global leader in convenience and mobility, announced today that it plans to acquire all of the issued and outstanding shares of Żabka Group ("Żabka") (WSE: ZAB), Poland's largest convenience retailer.
Couche-Tard will initiate a voluntary tender offer (the “Offer”) through its wholly owned subsidiary, Circle K Polska sp. z o.o., at a price representing a total equity value of Żabka of over PLN 32 billion (equivalent of USD 8.6 billion) (the "Transaction"). The Transaction is unanimously supported by Żabka's key executive managers, and shareholders owning, in aggregate, approximately 57% of Żabka's issued and outstanding shares, including CVC Capital Partners and Partners Group. The Offer will be subject to receipt of certain regulatory approvals or expiry of applicable waiting periods in respect thereof.
Founded in 1998, and listed on the Warsaw Stock Exchange since October 2024, Żabka operates a network of more than 12,750 convenience stores across Poland and Romania and serves approximately 4.3 million customers daily through an integrated ecosystem of physical stores, digital engagement, foodservice and complementary convenience services. The company has built one of Europe's most advanced convenience retail platforms, supported by a robust loyalty and digital ecosystem. For Couche-Tard, the acquisition will add an immediate, scaled platform in Central and Eastern Europe, preserving Żabka's management structure, highly recognized brand, entrepreneurial franchise model and local expertise.
“This is another landmark deal for CVC in Poland, and we are honored to have been their advisor. This, transaction showcases how GT handles public company transactions, where our market leading capital markets team and M&A team integrate to deliver a seamless product”, commented Senior PartnerLejb Fogelman who provided strategic supervision and relationship management.
“We have been a part of the CVC and Żabka story since advising CVC on its acquisition of Żabka in 2017, through the IPO, and during the development of the Żabka business, and now in the exit by CVC and Partners Group and the incoming ownership by Couche-Tard”, added M&A Partner Stephen Horvath, “and we truly appreciate the trust placed in us by CVC and Żabka.”
“I am pleased to have been the lead partner on this transaction, working alongside Steve Horvath, Michał Bobrzyński and our colleagues across several practice areas. The result reflects the depth of our bench and our ability to bring the right people to such a complex mandate”, added Partner Paweł Piotrowski who led the Greenberg Traurig Team.
Partner Stephen Horvath provided M&A support, along with Partner Michał Bobrzyński and Local Partner Maciej Pietrzak. Partner Rafał Sieński and Associate Kamil Nagawski provided assistance on securities law matters, Partner Robert Gago and Associates Paweł Fortuna and Julia Zybert assisted with competition law matters.
Greenberg Traurig was pleased to once again work with Freshfields (English law counsel to CVC), Elvinger Hoss Prussen (Luxembourg counsel to CVC and Żabka), Clifford Chance (counsel to Partners Group), and Goldman Sachs (financial advisor to Żabka).