Following unsuccessful attempts to acquire a French supermarket chain and one of the world’s largest convenience store franchises, Alimentation Couche-Tard Inc. has identified a new target for takeover.
The Laval, Quebec-based parent company of Couche-Tard and Circle K announced on Friday its intention to acquire Polish convenience store chain Zabka Group.
Couche-Tard revealed it has made a bid exceeding $12 billion for a controlling interest in Zabka. The voluntary tender offer values each share of Zabka at 32 Polish zloty, which is approximately $11.90 CAD.
If the acquisition is successfully finalized, it will represent Couche-Tard’s largest purchase to date and will help realize its long-standing ambition to significantly grow its business.
Zabka, named after the Polish word for frog, operates over 13,000 convenience outlets across Poland and Romania.
Alimentation Couche-Tard, recognized for its owl mascot, operates 17,300 locations in 27 nations, nearly 400 of which are situated in Poland.
The two companies share many similarities, offering a wide variety of snacks and beverages, and both have increasingly invested in hot food offerings in recent years.
A man stands in front of a Zabka store in Warsaw, Poland, in October 2024. Zabka has more than 13,000 convenience stores across Poland and Romania. (Kacper Pempel/Reuters)
At Zabka, quick-serve meals account for one in five purchases, and some stores operate fully autonomously.
In contrast, beverages and fuel are the main attractions at Couche-Tard, with around 13,200 of its locations featuring gas stations, while Zabka does not provide fuel services.
“This isn’t about one business instructing another,” stated Couche-Tard CEO Alex Miller during an analyst call regarding the proposed acquisition. “It’s about merging complementary strengths and a shared vision to enhance customer service.”
Miller anticipates identifying approximately $250 million US in cost savings within three years of the transaction’s completion.
This deal has been in consideration for quite some time, as Miller noted that he and other Couche-Tard leaders, including founder and former CEO Alain Bouchard, have been interested in Zabka for at least 15 years.
However, their focus has occasionally shifted to other opportunities.
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In 2021, Couche-Tard attempted to acquire French grocery giant Carrefour SA with a $20 billion US offer, but later withdrew as the French government opposed the acquisition due to food security issues.
Even after purchasing around 2,200 European gas stations from French company TotalEnergies SE for $3.3 billion US in 2023, Couche-Tard continued to seek further expansion.
In 2024, Couche-Tard spent nearly a year pursuing Seven & i Holdings, the Japanese parent of 7-Eleven, before pulling back its offer in July 2025 due to disagreements over valuation and regulatory concerns.
Reports indicated that Seven & i was also interested in Zabka but dropped the initiative after failing to reach an agreement on terms.
Alimentation Couche-Tard, a Quebec-based firm, has pulled its $47-billion US bid to buy the parent company of 7-Eleven. Couche-Tard, which currently owns Circle K and Ingo, made an offer for Seven & i Holdings Co. Ltd. last August.
While on vacation, Bouchard suggested that Couche-Tard revisit the idea of acquiring Zabka.
“He returned and said, ‘You all should take another look at Zabka,”‘ Miller recounted.
This recommendation ultimately evolved into the offer made public on Friday.
Tomasz Blicharski, the incoming CEO of Zabka, indicated that his company was open to Couche-Tard’s proposal because the executives of the Canadian firm showed a genuine interest in understanding how Zabka has developed its business model.
“That was crucial for us,” Blicharski commented during the same call as Miller. “I recall meeting Alain [Bouchard] and Alex [Miller] for the first time and thinking that these individuals share our mindset. We’re both committed to our customers and focused on simplifying everyday life.”
Currently, Zabka’s executive team and investors holding 57 percent of the company’s outstanding shares, including private equity firms CVC Capital Partners and Partners Group, are all in agreement with the proposed deal.
The acquisition is pending regulatory clearances but is anticipated to be finalized by December at the latest.
The final number of Zabka shares that Couche-Tard acquires will depend on the acceptance rate of the offer among shareholders.
Should Couche-Tard secure at least 95 percent of Zabka’s total voting rights, it will be able to eliminate the remaining shares and delist the company from the Warsaw Stock Exchange, where it has been trading since two years ago.
Zabka could potentially be fully integrated into Couche-Tard, though it may also continue to operate as a public entity on the Polish exchange, according to Miller.
“We have time until our December closure, and I assure you we will utilize that time to refine our priorities and identify the best advantages,” he stated.
RBC Capital Markets analyst Irene Nattel regarded Miller’s strategy as both “bold” and “calculated,” noting that a successful deal would significantly enhance Couche-Tard’s long-term growth ambitions.
“Although there are uncertainties regarding the regulatory process, timeline, and specific financial implications, the strategic and financial compatibility appears reasonable at first glance,” she mentioned in a note to investors.