Acquisition adds eight liquid storage terminals across five European countries and expands APSEZ’s global network to 28 ports and terminals in 10 countries.
Ahmedabad: Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire a 100% stake in Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, from Igneo Infrastructure Partners, at an enterprise value of €2.56 billion.
The proposed all-cash transaction values Evos at an equity value of €1.18 billion and an acquisition multiple of 11.7 times its CY25 EV/EBITDA. The deal is subject to regulatory approvals and works council consultation.
Evos reported revenue of €392 million and EBITDA of €219 million in CY25, representing an EBITDA margin of 56%. The company operates eight port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta, with a combined storage capacity of 6.3 million cubic metres. It handled 37 million metric tonnes (MMT) of throughput during CY25.
The acquisition will establish a significant European liquids platform for APSEZ, expanding its global footprint to 28 ports and terminals across 10 countries.
Strengthening global energy logistics presence
Evos operates terminals in key European energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. Its infrastructure includes 452 tanks, 63 vessel and barge berths, and integrated pipeline connections.
Its diversified product portfolio covers conventional fuels such as gasoline, gasoil, marine fuels and jet fuel, alongside transition fuels including sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.
The company also benefits from an average commercial occupancy of 99%, long-term customer relationships and a substantial share of revenue supported by take-or-pay contracts and CPI-linked arrangements.
Commenting on the acquisition, Karan Adani, Managing Director of APSEZ, said the deal marks an important milestone in the company’s ambition to handle one billion tonnes of cargo and build a globally integrated transport platform. He added that Evos would strengthen APSEZ’s presence in key international liquid storage and energy hubs while supporting Europe’s sustainable energy transition.
Financial and strategic impact
APSEZ said the acquisition would strengthen its business risk profile through greater geographic diversification, higher cash-flow visibility and exposure to the long-term transition towards new-age fuels.
Evos’ EBITDA margin of 56% is higher than APSEZ’s H1 FY27 International Ports EBITDA margin of 44.8%, highlighting the potential margin-accretive contribution of the business.
The combined entity’s pro forma net debt-to-EBITDA is estimated at 2.76 times, based on APSEZ FY26 and Evos CY25 financials, and is expected to be around 2.5 times by FY27.
MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion for the proposed transaction. The acquisition will be funded through debt.
APSEZ reported a cash balance of ₹12,502 crore as of September 30, 2026. Its International Ports portfolio recorded revenue of ₹3,586 crore and EBITDA of ₹1,608 crore in H1 FY27, with an EBITDA margin of 44.8%.
The transaction’s regulatory approval and works council consultation processes will commence immediately.
