Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to acquire 100% of Netherlands-headquartered Evos B.V. from Igneo Infrastructure Partners in an all-cash transaction at an enterprise value of €2.56 billion (27,148 crore).
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. Evos reported revenue of €392 million and EBITDA of €219 million for CY25, translating into an EBITDA margin of 56%.
Acquisition expands European presence
Evos is Europe’s second-largest independent liquid storage operator, with 6.3 million cubic metres of capacity across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta.
Its terminals are located in major energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.
The network comprises 452 tanks, 63 vessel and barge berths, and integrated pipeline connections, including those serving Schiphol Airport and the Central Europe Pipeline System.
Portfolio spans conventional and transition fuels
Evos handled 37 million tonnes of throughput in CY25. Its product portfolio includes gasoline, gasoil, marine fuels and jet fuel, along with sustainable aviation fuel, biofuels, methanol and bioethanol.
The acquisition will provide APSEZ with a significant European presence, expand its liquid storage portfolio and increase exposure to emerging fuels.
Deal to be funded through debt
The transaction will be funded through debt and is subject to regulatory and other approvals, as well as works council consultation. The approval and consultation processes will commence immediately.
The combined entity’s pro forma net debt-to-EBITDA ratio is estimated at 2.76 times, based on APSEZ’s FY26 and Evos’ CY25 financials. This is expected to moderate to around 2.5 times by FY27.
Global network expands to 28 ports
“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tonnes of cargo and building a truly global, integrated transport platform,” Adani Ports and Special Economic Zone, Managing Director, Karan Adani, said.
Following the acquisition, APSEZ’s global network will expand to 28 ports and terminals across 10 countries. The company expects the transaction to strengthen its business risk profile through greater scale, geographic diversification and cash flow.