Alimentation Couche-Tard announces agreement to acquire controlling stake in Żabka Group and launches voluntary tender offer

Alimentation Couche-Tard announces agreement to acquire controlling stake in Żabka Group and launches voluntary tender offer

Transaction Represents Largest Acquisition In Couche-Tard History And Establishes Controlling Position In One Of Europe's Leading Convenience And Digital Retail Platforms

LAVAL, Québec, July 31, 2026 — Alimentation Couche-Tard Inc. ("Couche-Tard") (TSX: ATD), a global leader in convenience and mobility, today announced that it plans to acquire all of the issued and outstanding shares of Żabka Group ("Żabka") (WSE: ZAB), Poland's largest convenience retailer. Couche-Tard will initiate a voluntary tender offer through its wholly owned subsidiary, Circle K Polska sp. z.o.o. ("Circle K Polska"), at a price of PLN 32.00 (equivalent of US$8.48) per share (the "Offer"), representing a total equity value of approximately PLN 32.62 billion (equivalent of US$8.6 billion) (the "Transaction").

The Transaction is unanimously supported by Żabka's key executive managers, and shareholders owning, in aggregate, approximately 57% of Żabka's issued and outstanding shares, including CVC Capital Partners and Partners Group, who have entered into separate hard irrevocable agreements to tender all of their shares of Żabka into the Offer.  

Couche-Tard expects to fund the Transaction through fully committed debt facilities underwritten by J.P. Morgan as Lead Arranger, with National Bank of Canada Capital Markets and The Bank of Nova Scotia acting as Joint Bookrunners.  

Founded in 1998, based in Poznań, Poland, and listed on the Warsaw Stock Exchange since October 2024, Żabka Group operates more than 13,000 convenience stores across Poland and Romania and services approximately 4.3 million average daily transactions. Its network is built around compact, modular neighborhood stores averaging approximately 65 square meters (~700 square feet), strategically located across urban, suburban and rural communities to serve immediate consumption and everyday convenience needs. Żabka boasts one of Europe's most advanced convenience retail platforms – an integrated and increasingly diversified ecosystem with approximately 11.7 million users across its digital channels, a best-in-class loyalty program, advanced data and analytics capabilities, and a growing portfolio of digital, e-commerce and foodservice businesses.

For Couche-Tard, the acquisition will add an immediate, scaled platform in Central and Eastern Europe, preserving Żabka's management structure, highly recognized brand, entrepreneurial franchise model and local expertise. In Poland, it will complement the company’s existing network of nearly 400 Circle K service stations offering fuel as well as food & beverages and other convenience items. 

Assuming completion of the Transaction, it would represent Couche-Tard’s largest acquisition to date and significantly advance its Core + More strategy by adding a differentiated platform to support long-term growth, innovation and value creation.

"This is a transformational investment for Couche-Tard and an important milestone in our growth journey," said Alex Miller, President and Chief Executive Officer of Alimentation Couche-Tard. "Żabka has built one of Europe's most impressive convenience retail businesses, combining a powerful customer proposition with an entrepreneurial franchise model, a highly disciplined and proven operating platform, and a strong track record of growth. We have tremendous respect for what the Żabka team and its franchisees have accomplished. We are 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, and as a result, further accelerating our Core + More strategy. Together, we will be well positioned to create lasting value for customers, franchisees, employees, business partners, and shareholders."

Tomasz Blicharski, Chief Strategy and Development Officer and Chief Executive Officer designate of Żabka Group, said: “Today's transaction marks the beginning of an entirely new and exciting chapter for Żabka Group. Couche-Tard shares our commitment to innovation, convenience and customer-centricity and recognizes the strength of the brand, the franchise community and the team that have made Żabka one of Europe's leading convenience platforms. Together, we will be even better positioned to accelerate growth, continue investing in our people and capabilities, and create even greater value for customers, franchisees, and communities."

Tomasz Suchański, CEO and Chairperson of the Board of Directors of Żabka Group, said: "Thanks to the dedication of our employees and the continued support of our customers, franchisees and business partners, we have built a company that has grown into one of Europe’s leading convenience platforms and become an attractive partner for one of the industry’s leading players. Today’s announcement reflects the strength of our business, the power of our brand, and the long-term value we have created together. It follows a highly successful nine-year partnership with CVC – and with Partners Group, which invested in 2019 – during which Żabka Group underwent a remarkable transformation, strengthened its market position and expanded into new areas of growth. This milestone would not have been possible without the commitment, passion, and hard work of everyone who has contributed to this journey.”

István Szőke, Managing Partner of CVC, said, “We are incredibly proud of everything that has been achieved during our partnership with Żabka. Together with an exceptional management team, we have built Europe’s leading convenience retail platform through technological innovation, operational excellence and disciplined execution, creating lasting value for customers, franchisees, employees and shareholders. We thank the entire Żabka team for their commitment and partnership and are confident Couche-Tard will be an outstanding long-term steward as the company embarks on its next chapter.”

Key Financial Highlights

Taking into account last-twelve-month revenue of Żabka, Couche-Tard would have illustrative pro forma last-twelve-month combined revenue of approximately US$83.9 billion and adjusted EBITDA of approximately US$7.8 billion (adjusted EBITDA margin of approximately 9.3%³), excluding the impact of synergies. For the trailing twelve months ended March 31^st, 2026, Żabka generated approximately US$7.4 billion in revenue and adjusted EBITDA of approximately US$1.1 billion³ and approximately US$0.3 billion of net profits.

Furthermore, Couche-Tard has identified significant cost and revenue synergy opportunities of approximately US$250 million, with the ability to be fully achieved by the third year following closing.

The Transaction is expected to be accretive to adjusted EBITDA margin³ at the outset, and accretive to earnings per share by the second year following closing, with the opportunity to achieve a double-digit return on invested capital by the third year following closing.

Couche-Tard currently expects pro forma leverage of approximately 3.0x net debt to adjusted EBITDA³ at closing, with no anticipated impact on its credit rating, with the intention to return within Couche-Tard’s leverage ratio framework range by the second year following closing.

Transaction Timeline and Other Considerations

The Transaction will be implemented pursuant to the Offer. Żabka's shareholders will be offered PLN 32.00 (equivalent of US$8.48) per share in cash, representing a total equity value of approximately PLN 32.62 billion (equivalent of US$8.6 billion) based on the number of issued and outstanding shares as at the date hereof. 

The Offer will be subject to receipt of certain regulatory approvals or expiry of applicable waiting periods in respect thereof, including merger control approval by the European Commission or Polish Prezes Urzędu Konkurencji i Konsumentów (UOKiK), as applicable, foreign direct investment approval by Romanian Comisia pentru examinarea investiţiilor străine directe, and approval under the European Union's Foreign Subsidies Regulation by the European Commission. 

The number of Żabka shares ultimately acquired by Couche-Tard will depend on the level of shareholder acceptances under the Offer. If Couche-Tard reaches at least 95% of the total voting rights in Żabka, it intends to initiate a compulsory acquisition (squeeze-out) of the remaining shares and take the necessary steps to procure the delisting of Żabka's shares from the Warsaw Stock Exchange. Accordingly, there can be no assurance that, upon completion of the Offer or thereafter, Couche-Tard will be able to carry out a compulsory acquisition or procure such delisting.

The complete details of the Offer, including all terms and conditions thereof, will be included in an offer document for the Offer (the "Offer Document") to be made available to Żabka's shareholders following review by the Polish Financial Supervision Authority (the "PFSA") pursuant to applicable Polish law. The Offer Document is expected to be reviewed by the PFSA in time for the Offer period to commence towards August 26, 2026. The Offer may only be launched and accepted on the basis of the Offer Document.

In accordance with Polish securities laws, the Offer is expected to initially be opened for acceptance by Żabka shareholders for a period of 30 days following commencement of the Offer period as referenced above. Couche-Tard may extend the acceptance period one or more times. Barring unforeseen circumstances or extensions of the acceptance period of the Offer, it is currently expected that if successful, the Offer will be completed not later than in December 2026, assuming the prior satisfaction or waiver of all conditions for the Offer.

Hard Irrevocable Undertakings

In connection with the Offer, CVC Capital Partners, Partners Group, and Żabka's key executive managers, who own, in aggregate, approximately 57% of the issued and outstanding shares of Żabka as at the date hereof, have entered into separate hard irrevocable undertakings, whereby they have agreed, subject to the terms and conditions thereof, to tender all their shares into the Offer.

As part of the management retention arrangements, Żabka's key executive managers have committed to sell all of their Żabka shares into the Offer and to reinvest a material portion of their cash proceeds in Couche-Tard shares.

Transaction Agreement

Furthermore, Żabka has entered into the transaction agreement with Circle K Polska, regulating, among other things, the conduct of Żabka’s business in the ordinary course prior to settlement of the Offer and its disclosure obligations in the context of the Offer (the "Transaction Agreement").

Additional information concerning the Transaction will be included in materials to be filed with applicable securities regulators.

J.P. Morgan is serving as exclusive financial adviser to Couche-Tard and Goldman Sachs is serving as exclusive financial adviser to Żabka Group in connection with the Transaction.

Conference Call and Webcast Details

Couche-Tard invites financial analysts, investors, media and other interested parties to a webcast in which representatives of Couche-Tard's and Żabka’s management team will participate. An investor presentation will be available on https://corporate.couche-tard.com.

The webcast will be held today, July 31^st, 2026, starting at 8:00 A.M. (EDT).  

It can be accessed via the " Investors/Events & presentations " section on the Couche-Tard website https://corpo.couche-tard.com/en/ or directly via this link https://emportal.ink/4vQd4ty to join the call without operator assistance. 

To join the conference call by phone, please dial 1-289-819-1299 or 1-800-990-4777 (International). A recording of the webcast will be available on the Couche-Tard website for 30 days.

About Alimentation Couche-Tard Inc.

Couche-Tard is a global leader in convenience and mobility, operating in 27 countries and territories, with close to 17,300 stores, of which approximately 13,200 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of the People's Republic of China. Approximately 145,000 people are employed throughout its network.

About Żabka Group

Żabka Group (WSE/ GPW: ZAB) is the Ultimate Convenience Ecosystem with a mission to create value by simplifying people's everyday lives. The Group serves a growing number of consumers who look for convenience and promotes a sustainable approach towards franchisees, customers, suppliers, products, packaging, and the broader environment. 

Żabka Group's ecosystem encompasses Poland's leading convenience retail network operating under the Żabka brand and a store chain in Romania under the Froo brand. The network is complemented by a chain of unmanned, autonomous outlets operating under the Żabka Nano banner, enabling customers to shop 24 hours a day, seven days a week. In total, the network comprised over 13,000 stores at end-June 2026.

he Group also has an advanced, continually evolving digital customer offering. Its Maczfit operation delivers restaurant-quality prepared meals to consumers seeking convenient and healthy food, while Dietly is the leading online D2C meal solutions marketplace. Group's eGrocery business operates through two brands: Jush! and Delio. 

Since October 2024, Żabka Group’s shares have been listed on the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie) (WSE).

More information at: https://zabkagroup.com/

Information Regarding Żabka

The description of, and information about, Żabka and its business contained in this news release, as well as pro forma information as regards Żabka, are based upon information made publicly available by Żabka in documents filed with the Warsaw Stock Exchange, analyst reports published in respect of Żabka, and upon non-public information made available by Żabka to Couche-Tard. Such information has not been verified independently by Couche-Tard. Accordingly, an unavoidable level of risk remains regarding the accuracy and completeness of the information regarding Żabka and contained in this news release, including with respect to facts or circumstances that would affect the completeness or accuracy of such information and which are unknown to Couche-Tard.

Żabka's financial statements were prepared in accordance with IFRS. However, the financial information of Żabka presented in this press release has not been adjusted to give effect to the differences between the accounting policies of Żabka and Couche-Tard and thus may not be directly comparable to Couche-Tard's financial information. Refer to Żabka’s securities filings available at: https://zabkagroup.com/investors/reports/.

Currency and Foreign Exchange Rates

All dollar figures in this press release are in U.S. dollars, except when stated otherwise. Where financial information of Żabka or another dollar figure has been converted from Polish Zloty (PLN) to U.S. dollars for purposes of comparison, PLN have been converted at an exchange rate of 0.265 U.S. dollars per 1.00 PLN.