Alimentation Couche-Tard Inc., based in Laval, Quebec, has set its sights on acquiring Zabka Group, a Polish convenience store operator, after previous unsuccessful attempts to purchase a French grocer and a major global convenience store chain. The proposed deal values Zabka at over $12 billion, with an offer of 32 Polish zloty (approximately $11.90 Canadian dollars) per share for a controlling stake.
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 across 27 countries, including nearly 400 locations in Poland.
Both companies share similarities in their product offerings, focusing on a wide range of beverages, snacks, and hot food options. While Zabka emphasizes quick-serve meals with some fully autonomous locations, Couche-Tard’s strengths lie in beverages and fuel, with approximately 13,200 stores featuring gas stations.
During discussions about the potential transaction, Couche-Tard’s CEO, Alex Miller, emphasized the complementary strengths and shared commitment to customer service between the two companies. The deal is expected to result in approximately $250 million in cost savings within three years of closing.
The idea of acquiring Zabka had been on Couche-Tard’s radar for over a decade, with founder Alain Bouchard expressing renewed interest in the company. The transaction, subject to regulatory approvals, is anticipated to be finalized by December, contingent on shareholder acceptance of the offer.
While the integration of Zabka into Couche-Tard’s operations is a possibility, the Polish company may also continue to operate independently on the Warsaw Stock Exchange. Analysts view the move as a strategic advancement that aligns with Couche-Tard’s long-term growth objectives, pending successful execution and regulatory considerations.
