Couche-Tard agrees Żabka acquisition in 32.62bn-zloty deal

Canadian convenience store retailer Alimentation Couche-Tard has agreed to get the full issued and outstanding stock superior of Polish convenience retailer Żabka Group successful a transaction with equity worth of 32.62bn zlotys ($8.74bn).

The Canadian convenience and mobility relation volition marque a voluntary tender connection done its wholly owned subsidiary Circle K Polska.

Under the offer, shareholders would person 32 zlotys per stock successful cash.

Couche-Tard said the woody is its "largest" acquisition to date.

Shareholders representing astir 57% of Żabka's shares, including CVC Capital Partners and Partners Group, person signed hard irrevocable undertakings to tender their stakes nether the offer.

Żabka's elder executives person besides agreed to merchantability their shares and mean to reinvest a important information of the proceeds into Couche-Tard equity.

According to the statement, the transaction has unanimous enactment from Żabka's enactment team.

The woody comes aft Japanese retailer Seven & one Holdings ended discussions past period regarding a imaginable concern successful Żabka.

For the 12 months to 31 March 2026, Żabka recorded gross of $7.4bn, adjusted EBITDA [earnings earlier interest, taxes, depreciation and amortisation] of $1.1bn and nett net of astir $0.3bn.

On a pro forma basis, the combined concern would person last-12-month gross of astir $83.9bn, adjusted EBITDA of astir $7.8bn and an adjusted EBITDA borderline of adjacent to 9.3%, earlier synergies.

Couche-Tard identified imaginable outgo and gross synergies of astir $250m, with afloat realisation targeted by the 3rd twelvemonth aft completion.

The institution said the transaction is expected to summation adjusted EBITDA borderline instantly and rise net per stock from twelvemonth 2 onward.

The acquisition is taxable to a fig of regulatory approvals.

These see merger power clearance from either the European Commission oregon Poland's UOKiK, overseas nonstop concern support from Romania's screening authority, and clearance nether the EU's Foreign Subsidies Regulation.

Poland's Financial Supervision Authority indispensable besides reappraisal the connection document.

The tender play is expected to commencement astir 26 August 2026 and proceed for an archetypal 30 days.

If determination are nary delays, completion is expected by December 2026 astatine the latest.

If Couche-Tard obtains astatine slightest 95% of Żabka's voting rights, it intends to transportation retired a compulsory squeeze-out of remaining shareholders and region the institution from the Warsaw Stock Exchange.

The woody adds to Couche-Tard's beingness successful Central and Eastern Europe and comes alongside its existing web of astir 400 Circle K stations successful Poland.

"Couche-Tard agrees Żabka acquisition successful 32.62bn-zloty deal" was primitively created and published by Retail Insight Network, a GlobalData owned brand.