Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest integrated transport operator and one of the fastest-growing players globally, has agreed to acquire a 100% stake in Netherlands-based Evos B.V. (Evos) from Igneo Infrastructure Partners. The proposed transaction is an all-cash deal valued at an enterprise value of €2.56 billion (about Rs 27,477.86 crore).
The transaction values Evos, Europe’s second-largest independent liquid storage operator, at an equity value of €1.18 billion, implying an acquisition multiple of 11.7x CY25 EV/EBITDA. In CY25, Evos reported revenue of €392 million and EBITDA of €219 million, translating into an EBITDA margin of 56%. Following the acquisition, the combined entity’s net debt-to-EBITDA ratio will stand at 2.76x, based on APSEZ’s FY26 and Evos’ CY25 financials, and is expected to decline to around 2.5x by FY27.
The transaction will be funded through debt and is subject to regulatory and other approvals, as well as works council consultation, APSEZ said in a statement on Wednesday.
“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tonnes 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. 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,” said Karan Adani, Managing Director, APSEZ.
Evos currently has a storage capacity of 6.3 million cubic metres across eight strategically located, port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. Its terminals are situated in some of Europe’s most important energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean.
The platform comprises 452 tanks, 63 vessel and barge berths, and several integrated pipeline connections, including those to Schiphol Airport and the Central Europe Pipeline System.
According to the APSEZ statement, Evos handled 37 MMT of throughput in CY25. It operates a diversified liquid storage platform spanning conventional and transition fuels. Its current product portfolio includes gasoline, gasoil, marine fuels and jet fuel, alongside transition fuels such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol. This positions the business to participate in Europe's evolving energy mix. Evos is also an investment-grade-rated issuer, the statement said.
Evos has a diversified customer base comprising Tier-1 clients, including global energy majors, leading industrial and chemical companies, and commodity traders. Its business model offers high revenue and cash flow visibility, supported by long-standing customer relationships, an average commercial occupancy rate of 99%, and a substantial share of revenue secured through take-or-pay contracts and consumer price index (CPI)-linked agreements.
The acquisition represents a strong strategic fit with APSEZ’s ambition to build a globally diversified, integrated transport platform, the company said. It will establish a sizeable European presence, significantly expand and diversify APSEZ’s liquids portfolio, and provide exposure to the long-term transition towards new-age fuels.
Importantly, Evos will add high-margin, predictable hard-currency cash flows, backed by take-or-pay revenues and CPI-linked contracts, thereby strengthening the quality, resilience and geographical diversification of APSEZ’s earnings.
Evos’ EBITDA margin of 56% is higher than APSEZ’s H1 FY27 international ports margin of 44.8%, underscoring the margin-accretive potential of the acquisition, APSEZ stated.
As of September 30, 2026, the end of Q2 FY27, APSEZ had a cash balance of Rs 12,502 crore. Its international ports portfolio sustained strong momentum, delivering record revenue of Rs 3,586 crore and EBITDA of Rs 1,608 crore in H1 FY27, with the EBITDA margin reaching a record 44.8%.
Volumes increased to 47 MMT in H1 FY27, compared with 17 MMT in H1 FY26. The performance was driven by the continued ramp-up of the Colombo West International Terminal (CWIT) and Tanzania operations, along with contributions from NQXT Australia.
MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion for the proposed transaction. Linklaters and Cyril Amarchand Mangaldas have served as international and domestic legal counsel, respectively, to APSEZ.