AHMEDABAD–Adani Ports and Special Economic Zone Limited (APSEZ) has announced plans to acquire Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, in an all-cash deal valued at 2.56 billion euros, marking a major expansion of the Indian company’s international operations.
Under the agreement announced Thursday, APSEZ will acquire a 100% stake in Evos from Igneo Infrastructure Partners. The transaction values the European storage company at an equity value of 1.18 billion euros, with an acquisition multiple of 11.7 times its 2025 enterprise value-to-EBITDA ratio.
The acquisition will be financed through debt and is subject to regulatory approvals and consultation with employee works councils.
Evos reported revenue of 392 million euros and earnings before interest, taxes, depreciation and amortization (EBITDA) of 219 million euros in 2025, representing an EBITDA margin of 56%.
Following the transaction, APSEZ expects the combined company’s pro forma net debt-to-EBITDA ratio to reach 2.76 times before declining to approximately 2.5 times by fiscal 2027.
The acquisition represents a significant step in APSEZ’s strategy to expand beyond its domestic port operations and establish a broader international transportation and logistics network.
Karan Adani, Managing Director of APSEZ, said the transaction would strengthen the company’s presence in major European energy and industrial markets while supporting its long-term cargo-handling ambitions.
“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 are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs,” Karan Adani said.
“We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth,” he added.
Headquartered in the Netherlands, Evos operates eight port-based liquid storage terminals across five European countries: the Netherlands, Germany, Spain, Belgium and Malta.
The company’s facilities have a combined storage capacity of 6.3 million cubic meters and serve major energy and industrial centers, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.
The acquisition would provide APSEZ with an established network of liquid storage infrastructure in some of Europe’s most important commercial shipping and energy markets.
The transaction also reflects APSEZ’s efforts to diversify its business operations and strengthen its position in international logistics, energy storage and port infrastructure.
Completion of the deal remains dependent on regulatory clearance and other required consultations. (Source: IANS)
