Adani Ports To Acquire Netherlands-Based Evos BV For €2.56 Billion

Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire 100% of Netherlands-headquartered Evos BV from Igneo Infrastructure Partners for an enterprise value of €2.56 billion.

The all-cash transaction values Evos at an equity value of €1.18 billion and an acquisition multiple of 11.7 times its 2025 EBITDA.

The deal remains subject to regulatory approvals and works council consultation.

Evos generated €392 million in revenue and €219 million in EBITDA during 2025, achieving a 56% EBITDA margin.

Evos operates eight port-based liquid storage terminals across the Netherlands, Germany, Spain, Belgium and Malta.

The company manages 6.3 million cubic metres of storage capacity and handled 37 million metric tonnes of throughput in 2025. Its infrastructure includes 452 tanks, 63 vessel and barge berths, and extensive pipeline connections.

The business serves major energy and industrial hubs, including Amsterdam-Rotterdam-Antwerp, Hamburg and the Mediterranean.

Evos stores conventional fuels alongside sustainable aviation fuel, biofuels, methanol and bioethanol.

APSEZ Managing Director Karan Adani described the acquisition as an important milestone towards the company’s ambition of handling one billion tonnes of cargo. He said the transaction would strengthen APSEZ’s presence in global liquid storage and energy hubs while supporting Europe’s sustainable energy transition.

The acquisition will expand APSEZ’s international footprint to 28 ports and terminals across 10 countries.

MUFG has provided financing commitments of up to €2.8 billion for the proposed acquisition.

APSEZ expects the transaction to strengthen its earnings through high-margin, predictable cash flows and geographically diversified operations.

The combined entity’s net debt-to-EBITDA ratio is expected to reach approximately 2.5 times by FY27.

The acquisition aligns with APSEZ’s broader ambition to build a globally integrated transport and logistics platform.

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