Freshfields advises CVC and Partners Group on proposed sale of Żabka to Alimentation Couche-Tard

Global law firm Freshfields is advising CVC and Partners Group on the sale of Żabka Group S.A. (Żabka) to Alimentation Couche-Tard Inc. pursuant to a voluntary tender offer announced through its wholly owned subsidiary, Circle K Polska sp. z o.o., at a price of PLN 32.00 (equivalent to USD 8.48 per share), representing a total equity value of approximately PLN 32.62 billion (equivalent to USD 8.6 billion, and implying an enterprise value of USD 11 billion). The offer will be subject to receipt of certain regulatory approvals and is expected to close in Q4 2026.

This transaction would be Alimentation Couche-Tard’s largest acquisition to date.  Żabka Group operates more than 13,000 convenience stores across Poland and Romania and has been listed on the Warsaw Stock Exchange since October 2024.  Freshfields also advised on the IPO.

The Freshfields team is led by private capital partners Maria Ledeneva and David Sonter, assisted by senior associate Alex Ryan and associate Jodie Llewellyn. Partner Alastair Mordaunt is advising on antitrust.