Canada’s retail giant Couche-Tard has agreed to acquire Poland’s Żabka Group in a transaction valued at PLN 32.6 billion ($8.7 billion), marking the largest acquisition in the Canadian retailer’s history and one of the most significant retail deals ever completed in Central and Eastern Europe.
The owner of the Circle K convenience store chain will launch a voluntary tender offer at PLN 32 per share, representing a 9.4% premium to Żabka’s previous closing price. The company has already secured commitments from shareholders representing approximately 57% of the retailer’s share capital, including private equity investors CVC Capital Partners and Partners Group.
A strategic gateway to Central and Eastern Europe
The acquisition transforms Couche-Tard’s position in Europe almost overnight. Żabka operates more than 13,000 convenience stores across Poland and Romania, serving approximately 4.3 million customer transactions every day while reaching 11.7 million digital users through its expanding ecosystem of mobile services and loyalty programmes.
Following the acquisition, the combined group will operate roughly 30,300 stores worldwide, while Europe’s contribution to Couche-Tard’s global retail network is expected to increase dramatically.
The company has indicated that Żabka will continue operating under its existing brand, management team and franchise model, with CEO Tomasz Suchański reporting directly to Couche-Tard’s executive leadership.
Founded in Poland, Żabka has evolved from a traditional convenience chain into one of Europe’s most digitally integrated neighbourhood retail platforms. Beyond its dense network of stores, the company has invested heavily in mobile applications, digital payments, rapid commerce and franchise development.
According to Reuters Breakingviews, the company is expected to continue generating annual revenue growth of 12–14% through 2029, making it one of the fastest-growing convenience retailers in Europe.
Couche-Tard expects the acquisition to generate approximately $250 million in annual synergies within three years, driven by procurement, supply chain optimisation and operational efficiencies across the enlarged retail network.
