Adani Ports To Acquire Evos For 2.56 Billion Euros
Adani Ports and Special Economic Zone Limited (APSEZ) announced its plan to purchase a complete 100 percent stake in Evos B.V., a Netherlands-based company and Europe's second-largest independent liquid storage operator, from Igneo Infrastructure Partners for an enterprise value of 2.56 billion euros.
India's biggest port operator announced that the planned transaction is a cash-only deal, setting Evos' equity value at 1.18 billion euros, which indicates an acquisition multiple of 11.7x CY25 EV/EBITDA.
For the year 2025, Evos reported revenue and EBITDA of 392 million euros and 219 million euros, respectively (56 percent EBITDA margin), APSEZ noted. APSEZ additionally stated that the funding for the transaction will come from debt and is dependent on regulatory and other approvals along with a works council discussion.
APSEZ managing director Karan Adani says, "We are delighted to welcome Evos into our portfolio, giving us a 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," he adds.
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The announcement indicates that the deal creates a significant European liquids platform for APSEZ, consisting of eight port terminals across five nations.
Evos possesses a storage capacity of 6.3 million cubic meters and managed a throughput of 37 MMT in 2025. It contributes a lucrative, cash-producing liquids segment to APSEZ's portfolio, with an average commercial occupancy rate of 99 percent and a significant portion of revenue secured through take-or-pay agreements and a CPI-linked contract framework.
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The announcement indicated that the deal will enhance APSEZ's business risk profile by boosting the scale, geographical diversity, and cash flow of the merged platform, with APSEZ's international presence now extending to 28 ports and terminals in 10 nations.
The second-largest independent liquid storage operator in Europe maintains storage capacity at eight strategically positioned port-based terminals in the Netherlands, Germany, Spain, Belgium, and Malta.
Evos' terminals are located in Europe's key energy and industrial centers, such as the Amsterdam-Rotterdam-Antwerp (ARA) area, Hamburg, and the Mediterranean. The facility features 452 tanks, 63 vessels and barge docking areas, along with multiple integrated pipeline connections, which include Schiphol Airport and the Central Europe Pipeline System.
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Evos runs a varied liquids platform that includes both traditional and transitional fuels. Its range of products consists of gasoline, gasoil, marine fuels, and jet fuel, along with transition fuels like sustainable aviation fuel (SAF), biofuels, methanol, and bioethanol, enabling the company to engage in Europe's changing energy landscape. Evos holds an investment-grade rating as an issuer.