Couche-Tard acquires Żabka in $8.6bn deal

BY Fraser Tennant

In what represents the largest transaction in its history, Canadian multinational retailer Alimentation Couche-Tard is to acquire a controlling stake in Żabka Group, Poland’s largest convenience retailer, for $8.6bn.

Couche-Tard expects to fund 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.

For Couche-Tard, the acquisition will add an immediate, scaled platform in Central and Eastern Europe, preserving Żabka's management structure, highly recognised brand, entrepreneurial franchise model and local expertise.

A global leader in convenience and mobility, Alimentation Couche-Tard operates in 27 countries and territories, with close to 17,300 stores. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the US and is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland.

“This is a transformational investment for Couche-Tard and an important milestone in our growth journey,” said Alex Miller, president and chief executive of Alimentation Couche-Tard. “Żabka has built one of Europe's most impressive convenience retail businesses, combining a powerful customer proposition with an entrepreneurial franchise model, a highly disciplined and proven operating platform, and a strong track record of growth.”

Founded in 1998, based in Poznań, Poland, and listed on the Warsaw Stock Exchange since October 2024, Żabka Group has grown from a Polish convenience-store network into one of Europe’s most innovative retail platforms – operating more than 13,000 convenience stores across Poland and Romania and servicing approximately 4.3 million average daily transactions.

“Couche-Tard shares our commitment to innovation, convenience and customer-centricity and recognises the strength of the brand, the franchise community and the team that have made Żabka one of Europe’s leading convenience platforms,” said Tomasz Blicharski, chief strategy and development officer and chief executive designate of Żabka Group. Together, we will be even better positioned to accelerate growth, and invest in our people and capabilities.”

The transaction – which is expected to be completed by the end of December 2026 – is unanimously supported by Żabka's key executive managers and shareholders, including CVC Capital Partners and Partners Group, that own, in aggregate, approximately 57 percent of Żabka's issued and outstanding shares.

“We have tremendous respect for what the Żabka team and its franchisees have accomplished,” added Mr Miller. “Together, we will be well positioned to create lasting value for customers, franchisees, employees, business partners and shareholders.”

News: Couche-Tard to buy Poland's Zabka for $8.7 billion in biggest-ever deal

Expand Energy acquires Twin Eagle in $1.25bn deal

BY Fraser Tennant

Growing its marketing business across North America, independent natural gas producer Expand Energy has acquired privately held natural ‌gas marketer Twin Eagle Holdings from energy investment firm Five Point Infrastructure in a transaction valued at $1.25bn.

Expand Energy – the largest natural gas producer in North America – will fund the transaction through a combination of cash on hand and borrowings under its revolving credit facility.

Combining Expand Energy’s industry-leading supply and financial strength with Twin Eagle’s premier physical marketing platform creates a fully integrated natural gas company positioned to capture value across the entire chain in key US and Canadian markets.

In addition to scale, the transaction is expected to provide Expand Energy with $750m per year of incremental free cash flow from its marketing and commercial strategy – an increase of 50 percent from its previous target.

“This transaction accelerates Expand’s evolution into a leading integrated natural gas company with a commercial and marketing advantage compared to peers,” said Michael Wichterich, interim president and chief executive of Expand Energy. “We are already North America’s largest natural gas producer, and now we will be its leading gas marketer, with direct access to customers and structural demand growth.”

Founded in 2010, Twin Eagle has established itself as one of the leading independent natural gas and power marketers in North America. Its business spans wholesale marketing, asset management, structuring and analytics, logistics and market intelligence.

“This powerful combination pairs Expand’s enviable financial position and large, lower-cost natural gas supply with the talented team and marketing platform we have spent the past 16 years developing,” said Jeremy Davis, president and chief executive of Twin Eagle. “Together, with our new partner, we can create additional value in ways neither company could have accomplished on its own.”

The transaction is subject to typical purchase price adjustments, including working capital, and is expected to close in the third quarter of 2026, pending customary closing conditions and required regulatory approvals.

Mr Wichterich concluded: “By combining Expand’s scale, resource depth and financial strength with Twin Eagle’s marketing and optimisation platform, we will capture additional margin across the natural gas value chain and deliver more durable shareholder returns.”

News: Expand Energy to beef up gas marketing business with $1.25 billion Twin Eagle deal

DCC Energy taken private in $7.7bn deal

BY Richard Summerfield

Energy distributor DCC Energy, which supplies liquid gas and fuels in Europe and the US, has agreed to be acquired by US private equity firms KKR and Energy Capital Partners in a deal worth $7.7bn or £5.75bn.

The deal values DCC at £65.25 a share in cash and will see the London Stock Exchange lose another of its largest companies amid continuing takeover activity, US market defections and a lack of IPOs. The offer includes an additional £1.25 a share if the sale of DCC’s technology arm, Nexora, secures at least £800m.

The board-backed cash offer valued DCC at a 36 percent premium to its average share price in the three months before takeover discussions became public. However, the proposal has met with resistance from investors, with several of the company’s largest shareholders voicing strong opposition. Despite that criticism, DCC’s directors have endorsed the bid from the private equity consortium, arguing that it “represents a compelling and certain opportunity for DCC Energy shareholders to realise value in cash today”.

“Since setting out its new strategy in 2022, DCC Energy has successfully repositioned to become a simpler, leaner, and more focused business,” said Mark Breuer, chair of DCC. “This strategic clarity has laid the foundations for sustainable long-term value creation as a leading multi-energy solutions provider.

“Whilst the DCC Energy Board remains confident in the energy strategy and associated 2030 Ambition announced in 2022, the Board believes the Consortium’s offer represents a compelling opportunity for shareholders to crystallise value in cash at an attractive premium to DCC Energy’s historical trading price. We are confident that the Consortium will be strong stewards of DCC Energy’s 50-year heritage and support the business during its next phase of growth,” he added.

“ECP is excited to begin this long-term partnership with DCC Energy and its exceptional employees,” said Francesco Ciabatti, a partner at ECP. “We look forward to working with the DCC Energy team to build on its long history of providing high quality and dependable service to its millions of customers. ECP has spent two decades investing in complex global energy infrastructure businesses and looks forward to bringing that experience to bear for DCC Energy, working alongside our consortium partners and the DCC Energy team to support its strategic initiatives, development, growth and industry leadership.”

“DCC Energy has built a leading position in energy distribution, and its transition to a pure-play energy business further sharpens its strategy,” said Ryan Miller, managing director, infrastructure, at KKR. “The company is at an important moment, and delivering the next phase of this transition across a complex asset base will require significant operational transformation against the backdrop of a changing and volatile energy market. KKR has a long track record as an active owner in energy infrastructure and services, and we intend to draw on our global platform, operational expertise and sector experience to support DCC Energy’s ambition to become a leading global energy business.”

News: Ireland's DCC Energy to go private in $7.7 billion deal with KKR, Energy Capital

OCS Group International has agreed to acquire Mitie for $4.2bn

BY Richard Summerfield

OCS Group International Ltd has agreed to buy rival Mitie Group Plc in a $4.2bn deal which will combine two of Britain’s largest facilities management companies.

Under the terms of the deal, which is expected to close in the first quarter of 2027, Mitie shareholders will receive 218.5p a share in cash and retain the planned 3.1p final dividend, valuing the offer at up to 221.6p a share. The offer represents a 47 percent premium to Mitie’s closing share price on Monday and values the business at $4.2bn on a fully diluted basis.

Mitie, which was founded in 1987 and employs 84,000 staff, specialises in facilities management, such as engineering maintenance and other services including hygiene and security.

OCS operates across the UK, Europe, Asia Pacific and the Middle East and has 135,000 staff. The company, which has been owned by the private equity group ​Clayton, Dubilier & Rice since 2022, says that the newly enlarged business will employ more than 219,000 people worldwide and combine OCS’s £3.3bn international operations with Mitie’s UK market-leading engineering maintenance, security, hygiene and compliance businesses. The deal will also strengthen OCS’s position in government, defence, healthcare, national infrastructure and commercial markets while creating greater scale to invest in technology, data and artificial intelligence.

“This is an important milestone for both organisations and an exciting opportunity to bring together two highly complementary businesses with a shared commitment to delivering the best outcomes for colleagues and customers,” said Rob Legge, group chief executive of OCS Group. “Subject to completion, we would build a British facilities management group that is better positioned to support the organisations that keep the country running. Together, we can better support existing and new customers, help more people into work and strengthen our contribution to getting Britain moving.”

“Today’s announcement is a testament to everything we have achieved at Mitie in recent years – especially the talent and expertise of our people, the business we have built together as well as its future potential,” says Phil Bentley, chief executive of Mitie. “This recommended offer reflects the strength of Mitie’s brand, capabilities and reputation, and delivers value for our shareholders. As part of a larger group with a wider geographical footprint, Mitie would have an even stronger platform to invest in our people, technology and services, and to do even more for the customers and communities we support.”

News: UK contractor Mitie agrees to $4.2 billion takeover by PE-backed rival, shares jump

Samsung Biologics acquires PolyPeptide in SFr1.46bn deal

BY Fraser Tennant

Expanding its global network across the US, Europe and India, South Korean pharmaceutical company Samsung Biologics is to acquire Swiss contract drugmaker PolyPeptide in an all-cash transaction valued at CHF1.46bn.

Under the terms of the agreement, PolyPeptide shareholders will receive CHF44.31 in cash for each PolyPeptide share – an offer price that reflects a 40 percent premium to PolyPeptide’s last undisturbed share price as of 10 April 2026.

By combining the companies’ scientific strengths, manufacturing excellence and global operations, the transaction is expected to enhance operational excellence, unlock additional growth opportunities and further strengthen Samsung Biologics’ position as a leading global multi-modality contract development and manufacturing organisation (CDMO).

“This acquisition reinforces our long-term growth strategy by not only broadening our service portfolio with modality expansion into peptides, but by also boosting our geographic reach and proximity further within the US, Europe and India,” said John Rim, chairman of the board of directors and chief executive of Samsung Biologics. “We highly value PolyPeptide’s world class employees, industry leading capabilities and global operational footprint.”

Operating facilities in Belgium, France, India, Sweden and the US, as well as a corporate office in Switzerland and an innovation centre in France, PolyPeptide specialises in peptide-based active pharmaceutical ingredients and has produced more than 1000 therapeutic peptides.

The board of directors of PolyPeptide, acting through its independent and non-conflicted members, unanimously recommends that shareholders accept Samsung Biologics’ offer.

“After a comprehensive review of strategic options, the board is convinced that Samsung Biologics’ offer is compelling for our shareholders, delivering an attractive cash price and immediate, certain value,” said Peter Wilden, chairman of the board of directors of PolyPeptide. “At the same time, it represents a transformational opportunity to accelerate our strategic ambitions at a scale we could not reach alone.”

The transaction is expected to be completed towards the end of 2026, subject to customary offer conditions, including a minimum acceptance threshold of 67 percent applicable regulatory approvals and other conditions.

Mr Rim concluded: “We look forward to leveraging the complementary strengths of PolyPeptide and Samsung Biologics in our continued growth supporting clients as the CDMO of choice for decades to come.”

News: Samsung Biologics to launch $1.8 billion all-cash bid for PolyPeptide