Adani Ports and Special Economic Zone (APSEZ) has officially announced an agreement to acquire 100% of the Netherlands-based storage operator Evos BV. The deal, valued at an enterprise value of $2.9 billion, marks a significant strategic expansion for the Indian company into the European liquid storage and energy infrastructure market. The all-cash transaction will see APSEZ take full control of the firm, which is currently held by Igneo Infrastructure Partners.
According to the company, the acquisition values Evos at an equity value of $1.3 billion. The enterprise value-to-ebitda multiple is set at 11.7 times, based on the entity's financial performance during the 2025 calendar year. APSEZ confirmed that the acquisition is subject to customary regulatory approvals and the completion of works council consultations. Financial backing for the massive deal has already been secured, with MUFG acting as the sole underwriter, providing financing commitments of up to $3.2 billion.
The integration of Evos into the Adani port network brings a substantial presence in Europe. Evos operates as the continent's second-largest independent liquid storage provider, managing eight port-based terminals situated in the Netherlands, Germany, Spain, Belgium, and Malta. These facilities feature a combined storage capacity of 6.3 million cubic metres. In the 2025 calendar year, the operator managed a throughput of 37 million tonnes, reflecting its significant role in European energy logistics.
Financially, Evos reported a revenue of $440 million and an ebitda of $246 million for the 2025 calendar year. This indicates a robust ebitda margin of approximately 56%. The operational infrastructure being acquired includes 452 storage tanks, 63 vessel and barge berths, and various pipeline connections. These assets are strategically located within key European industrial and energy hubs, providing APSEZ with a sophisticated network for further development.
This move is a cornerstone of APSEZ’s broader strategy to establish itself as a dominant integrated transport and logistics operator on the global stage. Following the completion of this acquisition, the company’s global footprint will extend to 28 ports and terminals across 10 different countries. Management noted that the transaction is essential for diversifying the company's cargo segments and reducing geographic concentration risk.
The acquisition of Evos represents a shift toward more complex, energy-focused infrastructure assets for the company. By embedding itself in major European energy corridors, APSEZ aims to leverage the storage network to support its global logistics capabilities. The company’s ability to handle high-volume liquid throughput in established markets like Belgium and the Netherlands is expected to provide a stable foundation for its future international growth plans.
As the firm moves forward, the focus will shift toward the regulatory approval process and the integration of Evos’s European operations into the broader APSEZ framework. While the financing is already accounted for through debt commitments from MUFG, the finalization of the deal remains pending the necessary legal and administrative steps common in large-scale cross-border acquisitions. The transaction is expected to solidify APSEZ’s reputation as one of the most active players in the global port infrastructure sector.
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