Alimentation Couche-Tard Inc., based in Laval, Quebec, has set its sights on acquiring Zabka Group, a Polish convenience store operator, after unsuccessful attempts to purchase a French grocer and a major global convenience store chain. The proposed deal values Zabka at over $12 billion, with a tender offer pricing Zabka at 32 Polish zloty per share.
If successful, this acquisition would be the largest in Couche-Tard’s history, allowing the company to significantly expand its presence. Zabka, named after the Polish word for frog, operates more than 13,000 convenience stores in Poland and Romania, while Couche-Tard has 17,300 stores in 27 countries, including nearly 400 in Poland.
Both companies offer a wide range of beverages, snacks, and hot food options, with Zabka focusing on quick-serve meals and some autonomous locations, while Couche-Tard’s locations often include gas stations, a feature absent in Zabka stores.
Couche-Tard’s CEO, Alex Miller, emphasized that the acquisition aims to combine the strengths of both companies to better serve customers, with an expected $250 million in cost savings within three years of closing the deal. The decision to pursue Zabka was influenced by founder Alain Bouchard, who suggested reconsidering the opportunity after years of interest.
Zabka’s incoming CEO, Tomasz Blicharski, expressed openness to the acquisition, highlighting the alignment in customer-centric approaches between the two companies. The deal has garnered support from Zabka’s key stakeholders, and the transaction is anticipated to be finalized by December, pending regulatory approvals.
The integration of Zabka into Couche-Tard’s operations is under consideration, with the possibility of Zabka remaining a publicly-traded entity on the Polish exchange. Analysts view the acquisition as a strategic move that could significantly advance Couche-Tard’s long-term growth objectives, pending successful completion and regulatory processes.