Alimentation Couche-Tard Inc., based in Laval, Quebec, has set its sights on acquiring the Polish convenience store operator Zabka Group after previous unsuccessful attempts to purchase a French grocer and a major global convenience store chain. The proposed deal involves a takeover offer exceeding $12 billion for a majority stake in Zabka, valuing each share at 32 Polish zloty, equivalent to around $11.90 Canadian dollars.
If successfully completed, this acquisition would represent Couche-Tard’s largest takeover to date, aligning with its strategic objective of expanding its business significantly. Zabka, known for its network of over 13,000 convenience stores in Poland and Romania, shares similarities with Couche-Tard in terms of product offerings, including a wide range of beverages, snacks, and an increased focus on hot food items.
While Zabka emphasizes quick-serve meals and operates some fully autonomous outlets, Couche-Tard’s strength lies in beverages and fuel sales, with approximately 13,200 locations featuring gas stations. CEO Alex Miller emphasized that the deal aims to leverage the strengths of both companies to enhance customer service and drive operational efficiencies, with an anticipated cost-saving potential of about $250 million US within three years post-closure.
The pursuit of Zabka by Couche-Tard has been a long-standing strategic consideration, with executives, including founder Alain Bouchard, expressing interest in the company for over a decade. Previous acquisition endeavors, such as the failed bid for the French retailer Carrefour SA in 2021 and the abandoned proposal to acquire Seven & i Holdings, the parent company of 7-Eleven, in 2024, underscore Couche-Tard’s persistent growth ambitions.
The transaction with Zabka is subject to regulatory approvals and is expected to be finalized by December. The extent of Couche-Tard’s ownership in Zabka will depend on shareholder acceptance of the offer, potentially leading to the delisting of Zabka from the Warsaw Stock Exchange. Couche-Tard is considering various integration strategies post-acquisition, with an emphasis on maximizing synergies and long-term growth opportunities.
Analysts view the proposed deal as a strategic move that could significantly advance Couche-Tard’s expansion plans. Irene Nattel, an analyst at RBC Capital Markets, praised CEO Alex Miller’s approach as both bold and calculated, noting the potential benefits of the acquisition in driving the company’s future growth trajectory.