CVC and Partners Group have agreed to tender their entire holdings in Żabka Group into a voluntary offer from Alimentation Couche-Tard, marking a full exit from Poland's largest convenience retailer.

Both sponsors, alongside Żabka’s key executive managers, have entered into hard irrevocable undertakings covering approximately 57% of the issued shares, foreclosing the possibility of competing bids. Żabka's CEO noted a nine-year partnership with CVC and a Partners Group investment in 2019. The two firms previously took the company to the Warsaw Stock Exchange in October 2024.

Żabka operates over 13,000 stores in Poland and Romania, handling approximately 4.3m daily transactions. For the twelve months to March 31, 2026, Żabka generated about $7.4bn in revenue and $1.1bn in adjusted EBITDA. Couche-Tard anticipates significant cost and revenue synergies, with the transaction expected to be accretive to earnings per share.

Funding is secured through committed debt facilities. Żabka's executives will sell their shares and reinvest a portion into Couche-Tard stock. The offer period is expected to open around August 26, 2026, with completion targeted by December 2026, subject to regulatory approvals.