Canadian giant Circle K is acquiring the Polish chain Żabka
The Canadian company Alimentation Couche-Tard, which owns the Circle K chain, has agreed to acquire a controlling stake in the Polish convenience store chain Żabka Group. The deal is valued at approximately $8.6 billion. Żabka will retain its brand, management, and franchise model; its franchisees include more than 500 Ukrainian entrepreneurs.
Canada’s Alimentation Couche-Tard has agreed to acquire a controlling stake in Żabka Group, Poland’s largest convenience store chain. The deal is valued at approximately 32.62 billion Polish zlotys, or $8.6 billion. For the Canadian company, this will be the largest acquisition in its history. Couche-Tard plans to submit a voluntary tender offer through its Polish subsidiary, Circle K Polska. Żabka shares will be offered at 32 zlotys, or about $8.48, per share.
The deal has already been endorsed by Żabka’s management and shareholders, who together control about 57% of the company’s shares. Among them are the investment funds CVC Capital Partners and Partners Group, which have agreed to sell their stakes. For Couche-Tard, the acquisition of Żabka will be a way to significantly expand its business in Central and Eastern Europe.
In Poland, the Canadian company already operates through the Circle K network, which comprises about 400 gas stations. These stations sell fuel, groceries, beverages, and everyday goods. Once the deal is finalized, Żabka will not disappear and will not change its usual business model. The chain will retain its brand, current management, franchise model, and local team.
A Japanese company had also expressed interest in Żabka
Until recently, the Polish chain could have had a completely different buyer. In mid-July, it was reported that Japan’s Seven & i Holdings—owner of the world-famous 7-Eleven chain—was in talks to invest in the Żabka Group. The Japanese company planned to acquire several dozen percent of Żabka’s shares from investment funds and other shareholders.
However, on July 27, Seven & i Holdings abandoned these plans. The parties were unable to agree on the terms of the deal. As a result, the Japanese retail giant withdrew from the negotiations, and now the Canadian company Couche-Tard is vying for the Polish business.
Żabka has over 12,000 stores
Żabka is Poland’s largest “convenience store” chain. Its stores can be found throughout the country, and most of them operate under a franchise model. As of the end of 2025, the chain had over 12,300 retail locations. For that same year, Żabka’s revenue totaled 27.15 billion zlotys, or about $7.2 billion.
The chain is also actively developing digital and financial services. In April of this year, Żabka, in partnership with PKO Bank Polski, launched Żappka Pay. The service offers a credit card that allows users to defer payments directly through a mobile app.
Ukrainians are among the store owners
For Ukrainians in Poland, this deal has a particularly interesting aspect. As of 2024, more than 500 Ukrainian entrepreneurs owned Żabka stores under franchise agreements. Most of them are women. The franchise model has allowed many Ukrainians to start their own businesses under an already well-known brand after moving to Poland.
In general, foreigners in Poland are actively starting their own companies. In 2025, they launched 10,500 new businesses. This is the third-highest figure on record. The most active among foreigners were citizens of Ukraine, Belarus, China, and Germany.
What Will Happen After the Sale
If the deal goes through, Żabka will continue to operate under its own brand. The buyer does not plan to change the chain’s current model—stores will continue to operate primarily as franchises. For Couche-Tard, this is a major bet on the Polish market and, at the same time, an opportunity to strengthen its position in Central and Eastern Europe.
Thus, one of Poland’s largest convenience store chains is coming under the control of the Canadian retail giant, but for customers and franchisees, its familiar operating format is expected to remain largely unchanged under current plans. This is reported by LIGA.net.
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