Adani Ports and Special Economic Zone Ltd (APSEZ) will acquire 100% stake in Netherlands-based Evos B.V. from Igneo Infrastructure Partners for an enterprise value of €2.56 billion in an all-cash transaction, marking its entry into Europe’s liquid storage market.
The acquisition values Evos at an equity value of €1.18 billion, implying an enterprise value-to-EBITDA multiple of 11.7 times CY25 earnings. The transaction will be funded through debt and is subject to regulatory and other approvals, besides works council consultation, APSEZ said in an exchange filing.
Evos is Europe’s second-largest independent liquid storage operator, with a capacity of 6.3 million cubic metres across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. It handled 37 million metric tonnes (MMT) of throughput in CY25, generating revenue of €392 million and EBITDA of €219 million, translating into a margin of 56%.
“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tonne 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,” said Karan Adani, Managing Director, APSEZ.
The terminals are strategically located in major European energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean. The platform has 452 tanks, 63 vessel and barge berths, and integrated pipeline connectivity, including links to Schiphol airport and the Central Europe Pipeline System.
Evos handles a diversified portfolio of conventional and transition fuels, including gasoline, gasoil, marine fuels and jet fuel, as well as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.
“The acquisition establishes a sizeable European foothold, materially scales and diversifies APSEZ’s liquids portfolio, and provides exposure to the long-term transition towards new-age fuels,” the company said.
APSEZ said the acquisition would add high-margin, predictable foreign-currency cash flows, supported by take-or-pay arrangements and CPI-linked contracts, strengthening earnings resilience and geographical diversification.
MUFG is the sole underwriter and has committed financing of up to €2.8 billion for the transaction.
Published – November 05, 2026 05:23 pm IST
