Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest and one of the world’s fastest growing Integrated Transport Operator, agrees to acquire 100% stake in Netherlands-headquartered Evos B.V. (Evos) from Igneo Infrastructure Partners. The proposed transaction is an all-cash deal at an enterprise value of €2.56 bn. The transaction values Evos at an equity value of €1.18 bn, implying an acquisition multiple of 11.7x CY25 EV/EBITDA. For CY25, Evos delivered revenue and EBITDA at €392 mn & €219 mn respectively (56% EBITDA margin). Pro forma net debt-to-EBITDA for the combined entity stands at 2.76x (based on APSEZ FY26 and Evos CY25 financials) and is expected to be around 2.5x by FY27. The transaction will be funded via debt and is subject to regulatory and other approvals and works council consultation.
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“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. 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 is Europe’s second-largest independent liquid storage operator with 6.3 mn cubic meters of storage capacity at eight strategically located port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta. Evos’ terminals are positioned in 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 vessels and barge berths, and has several integrated pipeline connectivities (including Schiphol airport and Central Europe Pipeline System). Evos handled 37 MMT of throughput in CY25. Evos operates a diversified liquids platform spanning both conventional and transition fuels. Its product mix includes gasoline, gasoil, marine fuels and jet fuel, alongside transition fuels such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol, positioning the business to participate in Europe’s evolving energy mix. Evos is an investment-grade rated issuer.
Evos has a diversified roster of Tier-1 customers, including global energy majors, leading industrial and chemical companies, and commodity traders. Its business model provides high revenue and cash flow visibility, underpinned by tenured customer relationships, average 99% commercial occupancy, and substantial part of revenue under take-or-pay contracts and CPI-linked contract base.
Evos is a strong strategic fit with APSEZ’s ambition to build a globally diversified integrated transport platform. The acquisition establishes a sizeable European foothold, materially scales and diversifies APSEZ’s liquids portfolio, and provides exposure to the long-term transition toward new-age fuels. Importantly, Evos adds high-margin, predictable hard-currency cash flows backed by high take-or-pay revenues and CPI-linked contract base, strengthening the quality, resilience and geographic diversification of APSEZ’s earnings. Evos’ 56% EBITDA margin is above APSEZ’s H1 FY27 International Ports margin of 44.8%, underscoring the margin-accretive nature of the business.
As of Q2 FY27, ended 30 September 2026, APSEZ had a cash balance of ₹12,502 Cr. APSEZ’s International Ports portfolio sustained its strong momentum, delivering record revenue and EBITDA of ₹3,586 Cr and ₹1,608 Cr respectively, with the EBITDA margin reaching a record 44.8% in H1FY27. Volumes increased to 47 MMT from 17 MMT in H1 FY26. The performance was led by the continued ramp-up of Colombo West International Terminal (CWIT) and Tanzania operations and contribution from NQXT Australia.
MUFG is the sole underwriter and has provided financing commitments for up to €2.8 billion for the proposed transaction. Linklaters and Cyril Amarchand Mangaldas have acted as international and domestic legal counsel for APSEZ.