- Adani Ports agrees to acquire 100% of Netherlands-headquartered Evos B.V., Europe’s second-largest independent liquid storage operator, in an all-cash transaction
- Deal establishes a major European liquids platform with eight port terminals across five countries and 6.3 million cubic metres of storage capacity
- Evos posts CY25 revenue of €392 million and EBITDA of €219 million, delivering a robust 56% EBITDA margin
- Average commercial occupancy of 99%, take-or-pay contracts and CPI-linked revenues add predictable, high-margin cash flows
- Acquisition strengthens APSEZ’s geographic diversification and exposure to conventional as well as transition fuels
- Transaction valued at €2.56 billion enterprise value; regulatory approvals and works council consultation to commence
NE BUSINESS BUREAU
AHMEDABAD, NOV 5
Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest and one of the world’s fastest-growing integrated transport operators, has agreed to acquire a 100% stake in Netherlands-headquartered Evos B.V. from Igneo Infrastructure Partners. The proposed all-cash transaction, valued at an enterprise value of €2.56 billion, marks a major strategic expansion into Europe’s liquid-storage market and strengthens APSEZ’s ambition to build a globally diversified integrated transport platform.
The transaction values Evos at an equity value of €1.18 billion, implying an acquisition multiple of 11.7 times its CY25 enterprise value to EBITDA. During CY25, Evos reported revenue of €392 million and EBITDA of €219 million, translating into a strong EBITDA margin of 56%.
The pro forma net debt-to-EBITDA ratio of the combined entity stands at 2.76 times, based on APSEZ FY26 and Evos CY25 financials, and is expected to decline to around 2.5 times by FY27. The transaction will be funded through debt and remains subject to regulatory and other approvals, as well as works council consultation.
“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.
A strategic European foothold
Evos is Europe’s second-largest independent liquid-storage operator, with 6.3 million cubic metres of storage capacity across eight strategically located, port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta.
Its facilities are positioned in some of Europe’s most important 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 multiple integrated pipeline connections, including links to Schiphol Airport and the Central Europe Pipeline System. Evos handled 37 million metric tonnes (MMT) of throughput during CY25.
Its diversified product portfolio spans conventional fuels such as gasoline, gasoil, marine fuels and jet fuel, alongside transition fuels including sustainable aviation fuel (SAF), biofuels, methanol and bioethanol. This positions the business to participate in Europe’s evolving energy mix. Evos is also an investment-grade-rated issuer.
Predictable revenues, strong customer base
Evos serves a diversified roster of Tier-1 customers, including global energy majors, leading industrial and chemical companies, and commodity traders. Its business model offers strong revenue and cash-flow visibility, supported by long-standing customer relationships, average commercial occupancy of 99%, and a substantial proportion of revenue secured through take-or-pay contracts and CPI-linked arrangements.
The acquisition is a strategic fit with APSEZ’s ambition to build a globally diversified integrated transport platform. It establishes a sizeable European presence, significantly scales and diversifies APSEZ’s liquids portfolio, and provides exposure to the long-term transition towards new-age fuels.
Importantly, Evos brings high-margin, predictable hard-currency cash flows, supported by take-or-pay revenues and CPI-linked contracts, strengthening the quality, resilience and geographic diversification of APSEZ’s earnings. Its 56% EBITDA margin is higher than APSEZ’s International Ports margin of 44.8% in H1 FY27, underlining the acquisition’s potential to be margin-accretive.
APSEZ’s international business gains momentum
As of September 30, 2026, the end of Q2 FY27, APSEZ had a cash balance of ₹12,502 crore. Its International Ports portfolio maintained strong momentum, recording revenue of ₹3,586 crore and EBITDA of ₹1,608 crore in H1 FY27, with the EBITDA margin touching a record 44.8%.
Volumes rose to 47 MMT from 17 MMT in H1 FY26. The performance was driven by the continued ramp-up of Colombo West International Terminal (CWIT) and Tanzania operations, along with contributions from NQXT Australia.
With the Evos acquisition, APSEZ’s global footprint will expand to 28 ports and terminals across 10 countries, significantly strengthening its international presence and liquids-handling capabilities.
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 have acted as international and domestic legal counsel for APSEZ, respectively.