M&A
Based on the latest report from Corner Capital Market, this article interprets M&A dynamics in the convenience store industry in the first half of 2026 through three key numbers: global M&A transaction value hit a five-year high, transaction volume remained flat compared to last year, and the largest single deal involved 56 stores. The article examines the impact of stable interest rates, favorable legislation, and active consolidators on the market.
Canadian convenience store group Alimentation Couche-Tard announced on Friday that it has reached an agreement to acquire a controlling stake in Żabka Group, Poland's largest convenience store chain, for a total price of approximately $8.6 billion, or about $8.48 per share. The deal has received support from holders of approximately 57% of Żabka's issued shares and is expected to close by the end of December 2025, making it the largest acquisition in Couche-Tard's history.
In the first half of 2026, the pace of M&A in the U.S. convenience store industry has noticeably slowed, with no mega-deals like BP's acquisition of TravelCenters of America in 2023, FEMSA's purchase of Delek's convenience store business in 2024, or Sunoco's acquisition of hundreds of Parkland stores last year. However, several noteworthy deals have still been completed, including Sunoco acquiring more than 100 stores through multiple purchases, Cumberland Farms buying Pittsburgh-area regional chain Coen Markets, and Pops Mart and Monfort Companies exiting the industry. This article compiles C-Store Dive's coverage of the largest M&A deals so far in 2026.