OTTAWA (dpa-AFX) - Alimentation Couche-Tard (ATD.TO), a Canadian operator of convenience stores, Friday announced that it plans to acquire Zabka Group (ZAB.WA), the Polish convenience retail major, for a total equity value of around $8.6 billion.
Couche-Tard will initiate a voluntary tender offer through its subsidiary, Circle K Polska sp. z.o.o, at a price of $8.48 per share.
For Couche-Tard, this acquisition is anticipated to add an immediate scaled platform in Central and Eastern Europe. In Poland it is expected to complement the company's existing network of nearly 400 Circle K service stations offering fuel as well as food & beverages and other convenience items.
The deal is expected to be accretive to adjusted EBITDA margin at the outset, and accretive to earnings per share by the second year following closing, with the opportunity to achieve a double-digit return on invested capital by the third year following closing.
As per Couche-Tard, this acquisition bid is unanimously supported by Zabka's key executive managers, and shareholders owning, around 57 percent of Zabka's issued and outstanding shares, in aggregate, including CVC Capital Partners and Partners Group, who have entered into separate hard irrevocable agreements to tender all of their shares of Zabka into the Offer.
The transaction will be funded 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.
Founded in 1998, Zabka Group operates more than 13,000 convenience stores across Poland and Romania and services approximately 4.3 million average daily transactions. It boasts having around 11.7 million users across its digital channels, loyalty program, and has advanced data and analytics capabilities, and a growing portfolio of digital, e-commerce and foodservice businesses.
Zabka generated approximately $7.4 billion in revenue and adjusted EBITDA of approximately $1.1 billion and approximately $0.3 billion of net profits, for the trailing twelve months ending March 31.
Assuming the completion of the transaction, this deal would be Couche-Tard's largest acquisition to date, and is surmised to significantly advance its Core + More strategy by adding a differentiated platform to support long-term growth, innovation and value creation.
On Thursday, ATD shares closed at C$89.78, down 1.26% on the Toronto Stock Exchange and ZAB.WA shares closed at PLN 29.26, up 2.74% on the Warsaw stock Exchange.
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