~APSEZ agrees to acquire 100% of Europe’s second-largest independent liquid storage operator Evos B.V. at an enterprise value of €2.56 billion, expanding its global port and energy storage network.
Ahmedabad, Gujarat, Nov 05 (VNI) : Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest integrated transport operator and one of the world’s fastest-growing players in the sector, has agreed to acquire a 100% stake in Netherlands-headquartered Evos B.V. (Evos) from Igneo Infrastructure Partners at an enterprise value of €2.56 billion.
According to the company, the proposed all-cash transaction values Evos at an equity value of €1.18 billion, implying an acquisition multiple of 11.7x CY25 EV/EBITDA. Evos reported revenue of €392 million and EBITDA of €219 million in CY25, delivering a strong EBITDA margin of 56%. The transaction will be funded through debt and remains subject to regulatory approvals, other customary conditions and works council consultation. The combined entity’s pro forma net debt-to-EBITDA is estimated at 2.76x, based on APSEZ FY26 and Evos CY25 financials, and is expected to decline to around 2.5x by FY27.
“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform. We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs. We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth,” said Karan Adani, Managing Director, APSEZ.
Evos is Europe’s second-largest independent liquid storage operator, with a storage capacity of 6.3 million cubic metres across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. Its strategically located facilities serve major energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean. The platform comprises 452 tanks, 63 vessel and barge berths, and extensive pipeline connectivity, including links to Schiphol Airport and the Central Europe Pipeline System. Evos handled 37 million metric tonnes (MMT) of throughput in CY25, with a diversified portfolio spanning conventional fuels and emerging energy products such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.
The acquisition is expected to strengthen APSEZ’s global integrated transport platform by establishing a significant European presence, expanding its liquid storage business and providing exposure to the energy transition. Evos’ investment-grade profile, diversified Tier-1 customer base, average 99% commercial occupancy and long-term take-or-pay and CPI-linked contracts provide predictable, high-margin hard-currency cash flows. Its 56% EBITDA margin is also higher than APSEZ’s International Ports margin of 44.8% in H1 FY27, making the acquisition margin-accretive and enhancing earnings resilience and geographic diversification.
As of September 30, 2026, APSEZ reported a cash balance of ₹12,502 crore. Its International Ports portfolio recorded H1 FY27 revenue of ₹3,586 crore and EBITDA of ₹1,608 crore, with a record EBITDA margin of 44.8%. Volumes increased to 47 MMT from 17 MMT in H1 FY26, supported by the ramp-up of Colombo West International Terminal (CWIT), Tanzania operations and contributions from NQXT Australia. MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion for the proposed transaction. Linklaters and Cyril Amarchand Mangaldas are acting as international and domestic legal counsel for APSEZ, respectively. VNI NEWS, APSEZ Evos acquisition, Adani Ports Evos deal, Evos B.V. acquisition, €2.56 billion acquisition, European liquid storage operator, Karan Adani, Adani Ports global expansion, APSEZ, Adani Ports, Evos B.V., Adani Group, Karan Adani, Igneo Infrastructure Partners, Liquid Storage, European Ports, Energy Transition, Infrastructure Investment, MUFG, VNINews, VNINews.com
