Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire a 100% stake in Netherlands-based Evos BV from Igneo Infrastructure Partners at an enterprise value of €2.56 billion. The proposed all-cash transaction will establish a major European liquid storage platform for APSEZ and expand its presence in international energy and industrial hubs.
The transaction values Evos at an equity value of €1.18 billion, representing an enterprise value-to-EBITDA multiple of 11.7 times based on its calendar year 2025 performance. Evos reported revenue of €392 million and EBITDA of €219 million for CY25, with an EBITDA margin of 56%.
Evos is Europe’s second-largest independent liquid storage operator, with 6.3 million cubic metres of storage capacity across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. The company handled 37 million tonnes of throughput in CY25.
Its terminals are located in major European energy and industrial centres, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. The network comprises 452 storage tanks, 63 vessel and barge berths, and pipeline connections serving facilities such as Schiphol Airport and the Central Europe Pipeline System.
Evos handles a range of conventional and transition fuels, including gasoline, gasoil, marine fuels, jet fuel, sustainable aviation fuel, biofuels, methanol and bioethanol. Its customer base includes international energy companies, industrial and chemical businesses, and commodity traders.
The company’s business model is supported by average commercial occupancy of 99%, long-term customer relationships and a substantial share of revenue covered by take-or-pay contracts and consumer price index-linked arrangements.
Karan Adani, Managing Director of APSEZ, said the acquisition would strengthen the company’s position in global liquid storage and energy markets. He said the transaction would support APSEZ’s target of handling one billion tonnes of cargo and its plans to build an integrated international transport platform.
The acquisition will expand APSEZ’s global network to 28 ports and terminals across 10 countries. It is expected to improve the geographic diversity and cash flow profile of the combined business. Evos’ EBITDA margin of 56% is higher than APSEZ’s International Ports margin of 44.8% in H1 FY27.
The transaction will be funded through debt. MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion. Based on Adani Ports FY26 and Evos CY25 financials, the combined entity’s pro forma net debt-to-EBITDA ratio is 2.76 times, which is expected to decline to around 2.5 times by FY27.
The deal remains subject to regulatory and other approvals, as well as works council consultation. The approval and consultation processes will begin immediately. Linklaters and Cyril Amarchand Mangaldas are acting as international and domestic legal counsel to APSEZ, respectively.
APSEZ, part of the Adani Group, is an integrated transport and logistics operator with port, rail, marine, warehousing and multimodal logistics operations. It operates 16 ports and terminals across India and international ports in Australia, Colombo, Israel and Tanzania. The company has a cargo-handling capacity of 671 million tonnes per annum and aims to handle one billion tonnes of cargo by FY31.
