Alimentation Couche-Tard Inc. announced on July 31, 2026 that it plans to acquire all issued and outstanding shares of Zabka Group, Poland’s largest convenience retailer, through a voluntary tender offer launched by its wholly owned subsidiary Circle K Polska sp. z.o.o.. The offer price is PLN 32.00 per share, equivalent to US$8.48 per share, representing total equity value of approximately PLN 32.62 billion, or US$8.6 billion. The transaction is supported by Zabka Group’s key executive managers and shareholders representing approximately 57 percent of issued and outstanding shares, including CVC Capital Partners and Partners Group, which entered into hard irrevocable agreements to tender their shares. Alimentation Couche-Tard Inc. expects to finance 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. Zabka Group, founded in 1998 and listed on the Warsaw Stock Exchange since October 2024, operates more than 13,000 stores across Poland and Romania and services approximately 4.3 million average daily transactions. The transaction is subject to regulatory approvals and is expected to close by December 2026. If completed, it would be the largest acquisition in Alimentation Couche-Tard Inc.’s history and would expand its platform in Central and Eastern Europe.