Adani Ports and Special Economic Zone Limited (APSEZ) announced on Thursday that it will acquire 100% of the shares of Dutch operator Evos B.V., the second-largest independent liquid storage operator in Europe. The transaction, proposed by the Indian company to investment partner Igneo Infrastructure Partners, is valued at an enterprise value of €2.56 billion, equivalent to approximately $2.9 billion US dollars, and at an equity value of €1.18 billion. The deal is structured as a all-cash transaction. [1] [2]
The transaction value implies a multiple of acquisition of 11.7x EV/EBITDA for the financial year 2025. Financially, Evos reported revenues of €392 million and EBITDA of €219 million for the calendar year 2025, achieving an EBITDA margin of 56%. The Belgian energy logistics operator has a storage capacity of 6.3 million cubic meters and managed a volume of 37 million metric tons (MMT) in 2025. The platform includes 452 tanks, 63 vessels, and marina berths, connected via an integrated pipeline network, including links to Schiphol Airport and the Central European Pipeline System (CEPS). [2]
The acquisition consolidates APSEZ’s portfolio with a cash-generating business characterized by high margins and an average commercial occupancy level of 99%. A substantial portion of revenue derives from “take-or-pay” contracts and an index-linked pricing base (CPI). Through this operation, Adani Ports expands its global footprint to 28 ports and terminals distributed across 10 countries, strengthening its business risk profile through geographical diversification and increased cash flows. [2]
Adani’s European Liquid Platform will operate eight port terminals in five countries: the Netherlands, Germany, Spain, Belgium, and Malta. Evos terminals are located in Europe’s most important energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg, and the Mediterranean area. Operations cover a diversified range of products, including conventional fuels such as gasoline, diesel, marine fuels, and aviation fuels, as well as transition fuels like sustainable aviation fuel (SAF), biofuels, methane, and bioethanol. Evos is classified as an investment-grade issuer. [2]
Karan Adani, CEO of APSEZ, stated: “We are pleased to welcome Evos into our portfolio, providing us with a significant presence in global liquid and energy storage hubs. We expect to collaborate with Europe, supporting the sustainable energy transition and creating long-term value while maintaining the financial prudence that underpins our growth.” The transaction is subject to regulatory approvals and other customary agreements, including consultations with workers’ councils. [2]
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