Canada-based Alimentation Couche-Tard has commenced a formal takeover offer for Polish convenience retailer Zabka Group. <\/p>\n
The company has set the offer price at 32 zlotys a share, in line with its earlier announcement, valuing Zabka at 32.62bn zlotys ($8.74bn). <\/p>\n
The bid is being carried out through Circle K Polska, its local subsidiary, while Ipopema Securities is acting as the intermediary. <\/p>\n
The move gives formal shape to Couche-Tard’s effort to acquire the entire share capital of Zabka and ultimately remove the company from trading on the Warsaw Stock Exchange. <\/p>\n
With 400 Circle K fuel stations in Poland, Couche-Tard said it also intends to retain Zabka’s workforce and leave its external debt structure in place. <\/p>\n
The offer period for shareholders starts on 27 August 2026 and will continue until 25 September. Completion of the share purchase is scheduled for 30 September. <\/p>\n
Support for the transaction has already come from Zabka’s largest shareholders. CVC Capital Partners and Partners Group have each agreed separately to tender all of their holdings into the bid. <\/p>\n
For the 12 months to 31 March 2026, \u017babka recorded revenue of $7.4bn, adjusted EBITDA [earnings before interest, taxes, depreciation and amortisation] of $1.1bn and net profit of nearly $0.3bn. <\/p>\n
Zabka operates approximately 13,000 stores in Poland and Romania. In its home market, the chain’s outlets are located on average within 500 metres of residents’ homes. <\/p>\n
On a pro forma basis, the combined business would have last-12-month revenue of approximately $83.9bn, adjusted EBITDA of $7.8bn and an adjusted EBITDA margin of close to 9.3%, before synergies. <\/p>\n
Couche-Tard identified possible cost and revenue synergies of $250m, with full realisation targeted by the third year after completion. <\/p>\n
The deal comes after Japanese retailer Seven & i Holdings ended discussions last month<\/a> regarding a potential investment in \u017babka. <\/p>\n