Circle K owner Alimentation Couche-Tard has signed an agreement to acquire Zabka Group, Poland’s largest convenience retailer, for a total of $8.6 billion.
The transaction, according to a statement from the companies, was unanimously supported by Zabka’s key executive managers.
Couche-Tard expects to fund the deal through fully committed debt facilities underwritten by J.P. Morgan as lead arranger, with National Bank of Canada Capital Markets and The Bank of Nova Scotia acting as joint bookrunners.
“This is a transformational investment for Couche-Tard and an important milestone in our growth journey,” said Alex Miller, president and CEO of Alimentation Couche-Tard. “Zabka has built one of Europe’s most impressive convenience retail businesses, combining a powerful customer proposition with an entrepreneurial franchise model, a highly disciplined and proven operating platform, and a strong track record of growth. We have tremendous respect for what the Zabka team and its franchisees have accomplished. We are committed to supporting the continued growth of the Zabka business while drawing from its strengths in areas such as food, digital engagement, customer loyalty, private brand, supply chain, logistics and innovation, and as a result, further accelerating our Core + More strategy. Together, we will be well positioned to create lasting value for customers, franchisees, employees, business partners and shareholders.“
Founded in 1998, based in Poznań, Poland, and listed on the Warsaw Stock Exchange since October 2024, Zabka Group operates more than 13,000 convenience stores across Poland and Romania and services approximately 4.3 million average daily transactions. Its network is built around compact, modular neighborhood stores averaging approximately 700 square feet, strategically located across urban, suburban and rural communities.
Zabka boasts one of Europe’s most advanced convenience retail platforms – an integrated and increasingly diversified ecosystem with approximately 11.7 million users across its digital channels, a best-in-class loyalty program, advanced data and analytics capabilities, and a growing portfolio of digital, e-commerce and foodservice businesses.
For Couche-Tard, the acquisition will add an immediate, scaled platform in Central and Eastern Europe, preserving Zabka’s management structure, highly recognized brand, entrepreneurial franchise model and local expertise. In Poland, it will complement the company’s existing network of nearly 400 Circle K service stations.
Upon completion, it would represent Couche-Tard’s largest acquisition to date.
“Today’s transaction marks the beginning of an entirely new and exciting chapter for Zabka Group,” said Tomasz Blicharski, chief strategy and development officer and CEO designate of Zabka Group. “Couche-Tard shares our commitment to innovation, convenience and customer-centricity and recognizes the strength of the brand, the franchise community and the team that have made Zabka one of Europe’s leading convenience platforms. Together, we will be even better positioned to accelerate growth, continue investing in our people and capabilities, and create even greater value for customers, franchisees, and communities.”
The companies expect the transaction to close in December 2026.
