Adani Ports Buys Evos B.V. for €2.56 Bn in Major Europe Deal
Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire a 100% stake in Netherlands-headquartered Evos B.V., Europe’s second-largest independent liquid storage operator, from Igneo Infrastructure Partners.
The all-cash transaction is valued at an enterprise value of €2.56 billion (equity value of €1.184 billion), implying a multiple of 11.7x CY25 EV/EBITDA.
Key Transaction Highlights
|
Particulars |
Details |
|---|---|
|
Target |
Evos B.V. (Netherlands) |
|
Stake Acquired |
100% |
|
Enterprise Value |
€2.56 billion |
|
Equity Consideration |
€1.184 billion (subject to closing adjustments) |
|
Valuation Multiple |
11.7x CY25 EV/EBITDA |
|
Funding |
Debt-funded |
|
Expected Completion |
Within 15 months from 5 November 2026 |
|
Related Party Transaction |
No |
About Evos B.V.
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Storage Capacity: 6.3 million cubic metres
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Throughput (CY25): 37 MMT
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Terminals: 8 port-based terminals across 7 major ports in 5 European countries — Netherlands (Amsterdam East, Amsterdam West, Rotterdam, Terneuzen), Belgium (Ghent), Germany (Hamburg), Spain (Algeciras) and Malta
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CY25 Performance: Revenue €392 million | EBITDA €219 million | 56% EBITDA margin
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Occupancy: Average commercial occupancy of 99%
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Revenue Model: Substantial portion under take-or-pay contracts and CPI-linked contracts
Evos handles gasoline, gasoil, marine fuels, jet fuel and transition fuels such as Sustainable Aviation Fuel (SAF), biofuels, methanol and bioethanol.
Strategic Rationale
The acquisition establishes a major European liquids platform for APSEZ and expands its global footprint from 20 to 28 ports & terminals across 10 countries. It scales and diversifies APSEZ’s liquids portfolio while providing exposure to Europe’s energy transition.
Mr. Karan Adani, Managing Director, APSEZ, said:
“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform. We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value.”
Financial Impact
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Pro forma net debt-to-EBITDA of the combined entity stands at 2.76x (based on APSEZ FY26 and Evos CY25) and is expected to be around 2.5x by FY27.
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MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion.
The transaction is subject to necessary regulatory approvals in India and relevant foreign jurisdictions, as well as works council consultation.