Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire 100% stake in Netherlands-headquartered Evos B.V. for an enterprise value of €2.56 billion. The acquisition is expected to significantly expand APSEZ’s global footprint and diversify its cargo mix, positioning it as a major European liquids platform. Evos is Europe’s second-largest independent liquid storage operator.
Adani Ports Announces Major European Acquisition
Adani Ports and Special Economic Zone Limited (APSEZ) has announced its intention to acquire a 100% stake in Evos B.V. (the “Target”), a Netherlands-headquartered independent liquid storage operator. The acquisition, valued at an enterprise value of €2.56 billion, was finalized through an agreement on November 5, 2026. This strategic move marks a significant expansion for APSEZ into the European market.
Evos B.V. Profile and Strategic Fit
Evos B.V. is recognized as Europe’s second-largest independent liquid storage operator, boasting eight strategically located port-based terminals across five European countries: the Netherlands, Germany, Spain, Belgium, and Malta. The company’s total storage capacity stands at 6.3 million cubic meters. Evos handles a diversified liquids portfolio, including conventional fuels like gasoline and gasoil, as well as transition fuels such as sustainable aviation fuel (SAF), biofuels, methanol, and bioethanol. Its consolidated income for the financial year ended December 31, 2025, was €392 million.
APSEZ views this acquisition as a strong strategic fit that will enable it to build a globally diversified, integrated transport platform. The transaction is expected to establish a sizeable European foothold for APSEZ, materially scale and diversify its liquids portfolio, and provide exposure to the long-term transition toward new-age fuels. APSEZ intends to leverage its expertise to strengthen Evos’ competitive position and support critical European trade infrastructure.
Transaction Details and Financials
The acquisition of Evos B.V. was the result of a competitive bidding process, with APSEZ being selected as the successful bidder. The deal is an all-cash transaction. Evos’ CY25 revenue was reported at €392 million with an EBITDA of €219 million, representing a 56% EBITDA margin. The equity value of the acquisition is €1.18 billion, implying an acquisition multiple of 11.7x CY25 EV/EBITDA. The transaction is subject to necessary government and regulatory approvals in India and relevant foreign jurisdictions. The indicative time period for completion is 15 months from November 5, 2026.
Impact on APSEZ
The acquisition is projected to strengthen APSEZ’s business risk profile by increasing its scale, geographic diversity, and cash flow. Evos’ operations are expected to add high-margin, predictable hard-currency cash flows, backed by strong take-or-pay revenues and CPI-linked contracts. This strategic move will expand APSEZ’s global footprint to 28 ports and terminals across 10 countries and increase its liquids contribution significantly. The consolidated net debt to EBITDA for the combined entity is expected to be around 2.5x by FY27.
Source: BSE
