Kobo provides two versions of most ebooks, the KEPUB version (which is locked down to Kobo devices and apps) and the Adobe EPUB version (which is still DRM-ridden but available to any Adobe digital editions app).
To get the latter, go to your Kobo My Library web page and click on the Adobe DRM EPUB link for an ebook. You will get an ACSM file that can be imported into Adobe Digital Editions (Windows or Mac) to finally get an actual EPUB. Under Windows this will be in My Documents\My Digital Editions.
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