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 for an enterprise value of €2.56 billion.
The all-cash transaction carries an equity value of €1.184 billion, subject to closing adjustments, and implies a valuation multiple of 11.7 times CY25 EV/EBITDA. The acquisition will be funded through debt, with completion expected within 15 months of 5 November 2026.
Evos operates eight terminals across Europe
Evos has a total liquid storage capacity of 6.3 million cubic metres and handled 37 million tonnes of throughput in calendar year 2025. Its network comprises eight port-based terminals across seven major ports in five countries.
These include four terminals in the Netherlands at Amsterdam East, Amsterdam West, Rotterdam and Terneuzen, along with facilities at Ghent in Belgium, Hamburg in Germany, Algeciras in Spain and Malta.
In CY25, Evos reported revenue of €392 million and EBITDA of €219 million, representing an EBITDA margin of 56%. Its average commercial occupancy stood at 99%.
A substantial portion of its revenue is secured through take-or-pay and consumer price index-linked contracts, providing visibility over earnings.
The company handles conventional products such as gasoline, gasoil, marine fuels and jet fuel, alongside transition fuels including Sustainable Aviation Fuel (SAF), biofuels, methanol and bioethanol.
APSEZ expands its European presence
The acquisition will establish a major liquid storage platform for APSEZ in Europe and expand its global network from 20 to 28 ports and terminals across 10 countries.
It will also increase the company's exposure to liquid storage and provide access to Europe's evolving energy market, including the growing demand for transition fuels.
APSEZ Managing Director Karan Adani said the acquisition marked an important milestone in the company's plans to handle one billion tonnes of cargo and build a global integrated transport platform. He added that APSEZ looked forward to supporting Europe's sustainable energy transition and creating long-term value.
Funding and financial impact
MUFG is the sole underwriter for the transaction and has provided financing commitments of up to €2.8 billion.
The combined entity's pro forma net debt-to-EBITDA ratio is estimated at 2.76 times, based on APSEZ's FY26 and Evos's CY25 financial figures. The ratio is expected to decline to around 2.5 times by FY27.
The transaction is subject to regulatory approvals in India and the relevant foreign jurisdictions, as well as consultations with works councils.
