New Delhi: Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to acquire 100 percent of the Netherlands-based Evos BV from Igneo Infrastructure Partners at an enterprise value of 2.56 billion euros, marking a major expansion of its international operations and giving it a significant presence in Europe's liquid storage and energy infrastructure market.
The proposed all-cash transaction values Evos at an equity value of 1.18 billion euros and an enterprise value-to-EBITDA multiple of 11.7 times based on its calendar year 2025 financial performance, APSEZ said in a statement.
The acquisition will give APSEZ control of eight port-based liquid storage terminals across the Netherlands, Germany, Spain, Belgium and Malta.
Evos, Europe's second-largest independent liquid storage operator, has a total storage capacity of 6.3 million cubic metres and handled 37 million tonne of throughput in CY25. It reported a revenue of 392 million euros and EBITDA of 219 million euros during the year, translating into an EBITDA margin of 56 percent.
The acquisition will expand APSEZ's global network to 28 ports and terminals across 10 countries, strengthening its position as an integrated transport and logistics operator while diversifying its exposure across geographies and cargo segments.
The transaction will be funded through debt and is subject to regulatory and other approvals, as well as works council consultation. MUFG is the sole underwriter and has provided financing commitments of up to 2.8 billion euros for the proposed acquisition.
Karan Adani, managing director of APSEZ, said: "Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tonne 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."
Evos operates eight terminals with 452 storage tanks, 63 vessel and barge berths and multiple pipeline connections across five European countries. Its facilities are located in major energy and industrial centres, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean.
Its pipeline connectivity includes links to Schiphol Airport and the Central Europe Pipeline System, providing access to important transportation and industrial networks.
The business handles a diversified portfolio of conventional and transition fuels, including gasoline, gasoil, marine fuels and jet fuel, as well as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.
Evos' customer base includes global energy majors, industrial and chemical companies and commodity traders. Its average commercial occupancy stood at 99 percent in CY25, with a substantial portion of revenue backed by take-or-pay contracts and consumer price index-linked agreements, providing visibility and predictability to cash flows.
APSEZ said the acquisition would strengthen its exposure to the transition in Europe's energy mix while adding a high-margin, hard-currency earnings stream to its portfolio.
The acquisition will be funded through debt, with APSEZ reporting pro forma net debt-to-EBITDA of 2.76 times for the combined entity, based on APSEZ's FY26 and Evos' CY25 financials. The company expects the ratio to moderate to around 2.5 times by FY27.
The proposed transaction values Evos at 11.7 times its CY25 EV/EBITDA, reflecting the valuation attached to its high-margin business, strategic terminal locations and long-term contracted revenue profile.
Evos' 56 percent EBITDA margin is higher than APSEZ's 44.8 percent margin for its international ports business in H1 FY27, indicating the potential to improve the profitability profile of its international portfolio.
APSEZ had a cash balance of Rs 12,502 crore as of September 30, 2026, according to its Q2 FY27 financial disclosures.
The acquisition comes as APSEZ expands its international ports business, which reported record revenue of Rs 3,586 crore and EBITDA of Rs 1,608 crore in H1 FY27, with an EBITDA margin of 44.8 percent.
International port volumes increased to 47 million tonne in the first half of FY27 from 17 million tonnes in the corresponding period last year. Growth was supported by the ramp-up of the Colombo West International Terminal in Sri Lanka and operations in Tanzania, along with contributions from NQXT Australia.
APSEZ, the ports unit of the conglomerate helmed by billionaire Gautam Adani, currently operates 16 ports and terminals in India and has international operations in Australia, Colombo, Israel and Tanzania. The Evos acquisition will add a sizeable European presence to this network.
The deal also supports the company's longer-term ambition of handling 1 billion tonne of cargo by FY31, against its current cargo-handling capacity of 671 million tonnes per annum.
The acquisition gives APSEZ access to established liquid storage infrastructure in some of Europe's most important energy trading and industrial hubs, providing diversification beyond conventional port handling and cargo operations.
The high occupancy levels, long-term customer relationships and inflation-linked contracts could provide relatively predictable cash flows, while the portfolio of conventional and transition fuels offers exposure to changing energy requirements.
"The transaction will be funded via debt and is subject to regulatory and other approvals and works council consultation," APSEZ said in the statement.
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