Adani Ports to acquire Europe’s Evos for €2.56 billion, expands global liquids storage business

Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire 100% of Netherlands-headquartered Evos B.V., Europe's second-largest independent liquid storage operator, from Igneo Infrastructure Partners for an enterprise value of €2.56 billion. The all-cash transaction will establish a significant European liquids storage platform for APSEZ, expanding its global presence to 28 ports and terminals across 10 countries. 

The proposed acquisition values Evos at an equity value of €1.18 billion, implying an enterprise value-to-EBITDA multiple of 11.7 times based on its calendar year 2025 (CY25) financials. Evos reported revenue of €392 million and EBITDA of €219 million in CY25, translating into an EBITDA margin of 56%. 

The transaction will be funded through debt and is subject to regulatory and other approvals, along with works council consultation. MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion for the proposed deal. 

"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. 

Acquisition adds eight terminals across five countries 

Evos operates eight port-based liquid storage terminals across the Netherlands, Germany, Spain, Belgium, and Malta, with a combined storage capacity of 6.3 million cubic metres. Its facilities are strategically located across major European energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean. 

The company operates 452 storage tanks and has 63 vessel and barge berths, supported by integrated pipeline connectivity, including links to Schiphol Airport and the Central Europe Pipeline System. It handled 37 million metric tonnes (MMT) of throughput in CY25. 

Its product portfolio spans conventional fuels such as gasoline, gasoil, marine fuels and jet fuel, as well as transition fuels, including sustainable aviation fuel (SAF), biofuels, methanol and bioethanol. 

Evos' business model is supported by a diversified customer base comprising global energy majors, industrial and chemical companies, and commodity traders. Average commercial occupancy stood at 99%, while a substantial portion of its revenue is secured through take-or-pay arrangements and consumer price index-linked contracts, providing predictable cash flows. 

APSEZ expects stronger earnings diversification 

The acquisition is expected to strengthen APSEZ's business risk profile by increasing its scale, geographical diversification and cash flow visibility. It will also expand the company's exposure to Europe's energy infrastructure and the long-term transition towards alternative fuels. 

Evos' 56% EBITDA margin is higher than APSEZ's international ports business margin of 44.8% in the first half of FY27, making the acquisition margin-accretive for the group. 

Based on APSEZ's FY26 and Evos' CY25 financials, the combined entity's pro forma net debt-to-EBITDA ratio stands at 2.76 times. APSEZ expects this to moderate to around 2.5 times by FY27.  

As of September 30, 2026, APSEZ had a cash balance of ₹12,502 crore. Its international ports business reported revenue of ₹3,586 crore and EBITDA of ₹1,608 crore in H1 FY27, with the EBITDA margin touching a record 44.8%. Volumes increased to 47 MMT from 17 MMT in the corresponding period last year, driven by the ramp-up of Colombo West International Terminal, Tanzania operations, and contributions from NQXT Australia. Linklaters and Cyril Amarchand Mangaldas acted as international and domestic legal counsel, respectively, for APSEZ in the transaction.