The Adani Ports Evos acquisition will see Adani Ports and Special Economic Zone Ltd (APSEZ) buy a 100 per cent stake in Netherlands-based liquid storage operator Evos B.V. for an enterprise value of 2.56 billion euros.
APSEZ announced the all-cash transaction on Thursday. The company will acquire Evos from Igneo Infrastructure Partners, subject to regulatory approvals and works council consultation.
The deal values Evos at an equity value of 1.18 billion euros. It implies an acquisition multiple of 11.7 times its calendar year 2025 enterprise value to EBITDA.
Evos reported 56% EBITDA margin in 2025
Evos reported revenue of 392 million euros and EBITDA of 219 million euros in calendar year 2025. Its EBITDA margin stood at 56 per cent.
The transaction will be funded through debt. Following the acquisition, the combined entity’s pro forma net debt-to-EBITDA ratio is expected to stand at 2.76 times.
APSEZ expects the ratio to decline to around 2.5 times by FY27.
Adani Ports expands liquid storage presence in Europe
Headquartered in the Netherlands, Evos operates 6.3 million cubic metres of storage capacity across eight port-based terminals.
Its facilities are located in the Netherlands, Germany, Spain, Belgium and Malta. The company has operations in major energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.
The acquisition will expand APSEZ’s presence across key global liquid storage and energy markets.
Deal supports APSEZ’s one-billion-tonne cargo ambition
APSEZ Managing Director Karan Adani described the acquisition as a milestone in the company’s ambition to handle one billion tonnes of cargo and build a global integrated transport platform.
He said Evos would strengthen APSEZ’s presence in international liquid storage and energy hubs.
Adani also said the company looked forward to supporting Europe’s sustainable energy transition while maintaining financial discipline.
The proposed acquisition marks a major expansion of APSEZ’s international operations, adding liquid storage infrastructure across several European port markets.
