Adani Ports and Special Economic Zone (APSEZ) has signed an agreement to acquire 100% of Netherlands-based Evos BV from Igneo Infrastructure Partners in an all-cash deal valued at €2.56 billion. The acquisition marks one of APSEZ’s largest international moves and significantly strengthens its presence in Europe’s liquid storage and energy infrastructure market.
APSEZ Strengthens European Presence
The proposed transaction values Evos at an equity value of €1.18 billion and represents an enterprise value-to-EBITDA multiple of 11.7x, based on its 2025 financial performance.
Once completed, the deal will give APSEZ ownership of eight strategic liquid storage terminals located across the Netherlands, Germany, Spain, Belgium, and Malta. This addition will expand the company’s global network to 28 ports and terminals across 10 countries, reinforcing its position as a leading integrated transport and logistics operator.
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What Makes Evos a Strategic Asset?
Evos is Europe’s second-largest independent liquid storage company. The business operates facilities with a combined storage capacity of 6.3 million cubic metres and handled 37 million tonnes of throughput during 2025.
The company generated €392 million in revenue and €219 million in EBITDA, delivering an impressive 56% EBITDA margin. Its infrastructure includes:
- 452 storage tanks
- 63 vessel and barge berths
- Extensive pipeline connections
- Operations across major European energy hubs
Key facilities are located in the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg, and other important Mediterranean trading centers.
Exposure to Traditional and Clean Energy Markets
One of Evos’ biggest strengths is its diversified fuel portfolio. The company supports storage and distribution of conventional fuels such as gasoline, diesel, marine fuels, and jet fuel, while also handling energy-transition products including:
- Sustainable Aviation Fuel (SAF)
- Biofuels
- Bioethanol
- Methanol
This diversification aligns with Europe’s ongoing energy transition and provides APSEZ access to growing clean-energy opportunities.
Strong Customer Base and Stable Cash Flows
Evos serves major global energy companies, industrial firms, chemical manufacturers, and commodity traders. The business maintained an average occupancy rate of 99% during 2025, reflecting strong demand across its network.
A significant portion of Evos’ revenue comes from long-term agreements, including take-or-pay contracts and inflation-linked arrangements. These contracts provide predictable earnings and greater visibility into future cash flows.
Financing and Financial Impact
The acquisition will be funded through debt financing and remains subject to regulatory approvals and consultation requirements. Financial backing for the transaction has been arranged through commitments of up to €2.8 billion.
Following the acquisition, APSEZ expects its net debt-to-EBITDA ratio to remain manageable, with forecasts indicating gradual improvement over the next few years.
Supporting APSEZ’s Global Growth Ambitions
The acquisition arrives as APSEZ continues to expand internationally. The company has reported strong growth from its overseas operations, supported by investments in Sri Lanka, Tanzania, Australia, and other global markets.
Adding Evos strengthens APSEZ’s presence in Europe while diversifying its revenue mix beyond traditional port operations. The move also supports the company’s broader objective of handling 1 billion tonnes of cargo annually by FY31.
Conclusion
The acquisition of Evos represents a significant milestone in APSEZ’s global expansion strategy. By gaining access to key European energy and storage hubs, the company is diversifying its international portfolio while securing a high-margin business with stable cash flows. Evos’ extensive infrastructure, near-full occupancy levels, and exposure to both conventional and renewable fuels make it a valuable addition to APSEZ’s growing global network. As demand for energy logistics and storage solutions continues to evolve, this transaction could strengthen APSEZ’s position as a leading international transport, logistics, and infrastructure player while supporting its long-term growth ambitions.
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