The biggest deal in Couche-Tard history
The Canadian company plans to acquire a controlling stake in Żabka through its Polish subsidiary Circle K Polska, offering to shareholders 32 zlotys per share. The deal has already been supported by Żabka's management and shareholders who own close 57% of shares companies, including investment funds CVC Capital Partners and Partners Group.
For Couche-Tard, this will be the largest acquisition in the history of the company. Thanks to this agreement, the Canadian retailer will significantly strengthen its position in Central and Eastern Europe, complementing the already existing Polish network with approx. 400 Circle K gas stations.
Żabka will retain the brand and operating model
After the deal is completed, the network Żabka will continue to work under its own brand. The company will also retain its current management, franchise development model and local operations team.
This approach will ensure the uninterrupted operation of the largest Polish chain of stores near the home, while integrating it into the international structure of the new owner.
Japan's Seven & i was unable to negotiate a purchase
Before the appearance of the Canadian buyer, one of the main contenders for the acquisition of a stake in Żabka was a Japanese corporation Seven & i Holdings, the owner of the network 7-Eleven.
In July, it was reported that the company was conducting final negotiations for the purchase of several tens of percent of the shares, but at the end of the month it officially abandoned the deal due to the inability to agree on its terms with the sellers. After that, it was Couche-Tard that successfully completed the negotiations.
Żabka remains the leader of the Polish market
Chain Żabka is the largest operator of "close to home" stores in Poland. As of the end of 2025, it united more than 12,300 retail outlets, most of which operate on a franchise model.
According to the results of 2025, the company received 27.15 billion zlotys ($7.2 billion) in sales. In addition to the development of retail trade, the network is actively expanding financial services. In particular, in 2026 together with PKO Bank Polski the service was started Żappka Pay, which allows users to apply for a credit card and use deferred payments through a mobile application.
There are hundreds of Ukrainian entrepreneurs among the franchise owners
The Żabka franchise model actively attracts foreign entrepreneurs. As of 2024 more than 500 Ukrainians owned chain stores under franchise agreements, and the majority of them were women.
In general, Ukrainians remain the most active among foreigners who open businesses in Poland. Citizens of other states registered only in 2025 10.5 thousand new enterprises, and the largest share among them was precisely entrepreneurs from Ukraine. At the same time, economic cooperation between the countries continues to expand — it is already working in Ukraine 1197 companies with Polish owners, a 146 of them according to the results of 2025, they received more than 100 million hryvnias of income each
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