Alimentation Couche-Tard launches $12 billion bid for Poland's Zabka Group

Alimentation Couche-Tard disclosed a voluntary tender offer worth more than $12 billion to purchase a controlling share of Zabka Group, the leading Polish convenience-store chain. The bid prices Zabka at 32 Polish zloty per share, equivalent to roughly $11.90 Canadian, and would represent Couche-Tard’s biggest acquisition ever. Zabka runs over 13,000 stores in Poland and Romania, while Couche-Tard’s network spans 17,300 locations in 27 nations, including about 400 sites in Poland.

Both companies focus on beverages and snacks, but Couche-Tard also offers fuel at many locations, a service Zabka lacks. CEO Alex Miller said the deal would blend complementary capabilities and target $250 million in synergies within three years. The offer enjoys unanimous support from Zabka’s major shareholders, including private-equity firms CVC Capital Partners and Partners Group, who together hold 57% of the company. The transaction awaits antitrust clearance and could close no later than December, after which Couche-Tard may either integrate Zabka fully or keep it listed on the Warsaw exchange.