Żabka sold for zł.500 million - but not to Ruch

It agreed to pay more than zł.500 million for Zabka's 1,800 stores, which generated zł.1.24 billion in revenues last year. Penta is already present in Poland through Profesjonał, a bookmaker's chain with 400 stores, and Dr. Max, a pharmacy chain with 30 outlets. "The deal is consistent with Penta's investment strategy and will serve as a stepping stone in our further expansion on the retail markets of CEE countries," the company said in a statement. Penta wants to expand Żabka's network to 2,500 within five years. Ruch yesterday said it was still looking to expand in the convenience store segment and did not rule out other acquisitions. While Ruch's offer for Żabka was rumored to be around zł.400 million, the race was apparently much closer. "Sources close to the auction told me our bids were comparable," said Ruch CEO Adam Pawłowicz. (Parkiet, p. 1; Puls Biznesu, p. 1, 4-5; Rzeczpospolita, p. A1, B3) R.M.