APSEZ to acquire Evos B.V. liquid storage operator

Adani Ports and Special Economic Zone has agreed to acquire 100% of Netherlands-headquartered Evos B.V. from Igneo Infrastructure Partners in an all-cash transaction at an enterprise value of EUR 2.56 billion.

The deal values Evos at an equity value of EUR 1.18 billion, implying an acquisition multiple of 11.7 times calendar 2025 EV/EBITDA.

It will be funded by debt and remains subject to regulatory and other approvals and works council consultation. MUFG is the sole underwriter, with financing commitments of up to EUR 2.8 billion. Linklaters and Cyril Amarchand Mangaldas advised APSEZ.

Evos operates 6.3 million cubic metres of storage capacity across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta, positioned in the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.

The platform comprises 452 tanks and 63 vessel and barge berths, with integrated pipeline connections including Schiphol airport and the Central Europe Pipeline System, and handled 37 million tonnes of throughput in 2025.

Its product mix spans gasoline, gasoil, marine fuels and jet fuel alongside transition fuels such as sustainable aviation fuel, biofuels, methanol and bioethanol.

In 2025 Evos generated revenue of EUR 392 million and EBITDA of EUR 219 million, a 56 percent margin.

It is an investment-grade rated issuer with Tier-1 customers including energy majors, industrial and chemical companies and commodity traders, average commercial occupancy of 99 percent, and a substantial share of revenue under take-or-pay and CPI-linked contracts.

APSEZ presents the acquisition as establishing a sizeable European foothold, scaling and diversifying its liquids portfolio, and adding high-margin, predictable hard-currency cash flows.

Evos’s margin exceeds APSEZ’s 44.8% International Ports margin for the first half of FY27.

Pro forma net debt-to-EBITDA for the combined entity is 2.76 times, expected to fall to around 2.5 times by FY27.

At 30 September 2026 APSEZ held cash of INR 12,502 crore, and its International Ports portfolio delivered record first-half revenue of INR 3,586 crore and EBITDA of INR 1,608 crore, with volumes rising to 47 million tonnes from 17 million, led by Colombo West International Terminal, Tanzania and NQXT Australia.

Karan Adani, Managing Director of APSEZ, described Evos as an important milestone toward handling 1 billion tonnes of cargo and building a global integrated transport platform, giving APSEZ a significant presence across key liquid storage and energy hubs and a role in Europe’s sustainable energy transition while maintaining financial prudence.

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