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Notes from Poland is run by a small editorial team and is published by an independent, non-profit foundation that is funded through donations from our readers. We cannot do what we do without your support.
A Canadian multinational operator of convenience stores, Alimentation Couche-Tard, has announced plans to acquire Poland’s Żabka Group, which runs Europe’s largest chain of convenience stores.
The company has offered 32 zloty per share, valuing Żabka at 32.6 billion zloty (€7.56 billion). Żabka’s main shareholders have agreed to sell their stakes, with final approval still required from stock market investors.
If the transaction is completed, Żabka is likely to be delisted from the Warsaw Stock Exchange just two years after its market debut.
Właściciel Circle K chce przejąć 100% Żabki. Cena w wezwaniu ma wynieść 32 zł za akcję
via @PawelBiedrzycki https://t.co/61XEGuQnnB
— Strefa Inwestorów (@strefainw) July 31, 2026
The acquisition will be carried out through Alimentation Couche-Tard’s Polish subsidiary, Circle K, which runs petrol stations, and will cover all of Żabka Group’s more than one million shares.
Alimentation Couche-Tard has already secured commitments to acquire at least 57.2% of the company. Heket, an entity linked to CVC Capital Partners owning 37.6% of Żabka’s shares, and PG Investment Company, holding 10%, have agreed to sell their entire stakes.
A group of major individual shareholders, together controlling 9.6% of Żabka’s shares, has also agreed to sell its holdings to the Canadian buyer. The investors include members of the company’s management and former executives.
They have also agreed to reinvest part of the proceeds from the sale into Alimentation Couche-Tard shares.
The tender offer for the remaining shares was announced on Friday by Ipopema Securities, which is acting as the intermediary in the transaction.
Alimentation Couche-Tard and Żabka expect subscriptions for the offer to open around 26 August, following a review of the tender document by the Polish Financial Supervision Authority (KNF). The companies foresee the transaction closing by the end of the year.
The Canadian company expects Żabka to continue operating independently, under the leadership of its current management team, and to retain its brand.
Żabka shares jumped after the announcement, rising from 29.26 zloty to around 31.60 zloty on Friday afternoon, an increase of about 8%.
Żabka, which runs Europe’s largest chain of convenience stores, has made its stock market debut in one of Europe’s biggest listings this year.
Its IPO was the fourth largest in the history of the Warsaw Stock Exchange and valued the firm at €5 billion https://t.co/fmqLteZjdR
— Notes from Poland 🇵🇱 (@notesfrompoland) October 18, 2024
If completed, the acquisition would be the largest takeover in the history of Alimentation Couche-Tard, which already owns 17,300 stores across 27 countries.
Alex Miller, Alimentation Couche-Tard’s CEO, said the company is “committed to supporting the continued growth of the Żabka business while drawing from its strengths in areas such as food, digital engagement, customer loyalty, private brand, supply chain, logistics and innovation”.
Żabka made its debut on the Warsaw Stock Exchange in 2024 in one of Europe’s largest initial public offerings that year, with a valuation of around €5 billion.
The company is Poland’s largest convenience store operator, with about 13,000 locations nationwide run by around 11,000 franchisees. It has also expanded internationally, opening its first stores in Romania and reaching 100 outlets there last year.
Poland’s largest convenience chain, Żabka, has opened the 100th store of its Romanian brand, Froo, one year after launching there.
“We are learning from local consumers and laying the groundwork for a long-term presence in Romania,” says Żabka’s VP.https://t.co/0CaZTaVhlB
— Notes from Poland 🇵🇱 (@notesfrompoland) June 13, 2025
In mid-July, Japanese retailer Seven & i Holdings, which operates the global Seven-Eleven chain among other businesses, also emerged as a potential investor in Żabka.
The Japanese business daily Nikkei reported that Seven & i had entered the final stage of investment arrangements with Żabka Group.
According to unofficial reports, the Japanese company was considering acquiring several dozen percent of Żabka’s shares from funds and other investors.
On 25 July, Seven & i Holdings said it had withdrawn from its investment in Żabka Group but remained interested in business opportunities in Europe.
Żabka, which runs Europe’s largest chain of convenience stores, has made its stock market debut in one of Europe’s biggest listings this year.
Its IPO was the fourth largest in the history of the Warsaw Stock Exchange and valued the firm at €5 billion https://t.co/fmqLteZjdR
— Notes from Poland 🇵🇱 (@notesfrompoland) October 18, 2024
Notes from Poland is run by a small editorial team and published by an independent, non-profit foundation that is funded through donations from our readers. We cannot do what we do without your support.
Main image credit: Żabka press materials
Alicja Ptak is deputy editor-in-chief of Notes from Poland and a multimedia journalist. She has written for Clean Energy Wire and The Times, and she hosts her own podcast, The Warsaw Wire, on Poland’s economy and energy sector. She previously worked for Reuters.
