Adani Ports and Special Economic Zone (APSEZ) has announced its agreement to acquire 100% of Netherlands-based Evos B.V., Europe's second-largest independent liquid storage operator, for an enterprise value of €2.56 billion ($2.88 billion). This significant all-cash transaction marks a major expansion for Adani into the European liquid storage market.
The acquisition of Evos from Igneo Infrastructure Partners will integrate eight strategically located port-based terminals into APSEZ's portfolio. These terminals are spread across key European countries including the Netherlands, Germany, Spain, Belgium, and Malta. Upon completion, this will expand APSEZ's global network to 28 ports and terminals across 10 countries.
Evos: A Key Player in European Energy Hubs
Evos B.V. boasts an impressive 6.3 million cubic meters of storage capacity, operating 452 storage tanks and 63 vessel and barge berths. Its facilities are strategically positioned in major European energy hubs such as Amsterdam-Rotterdam-Antwerp, Hamburg, and the Mediterranean region.
The company handles a diverse range of liquid products, including traditional fuels like gasoline, diesel, marine fuels, and jet fuel, alongside a growing portfolio of sustainable options such as sustainable aviation fuel, biofuels, methanol, and bioethanol.
In calendar year 2025, Evos reported revenues of €392 million and an EBITDA of €219 million, demonstrating a strong EBITDA margin of 56%. During the same period, it handled 37 million tonnes of cargo and maintained an average commercial occupancy rate of 99%, underpinned by long-term customer contracts.
Strategic Rationale and Funding
Karan Adani, Managing Director of APSEZ, emphasized the acquisition's role in strengthening the company's international presence and its ambitious goal of handling one billion tonnes of cargo. He stated, “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.”
Adani added that the company looks forward to partnering with Europe, supporting its sustainable energy transition, and creating enduring value while maintaining financial prudence.
The transaction will be funded through debt, with Japanese financial group MUFG acting as the sole underwriter, providing financing commitments of up to €2.8 billion. APSEZ projects that the combined company's pro forma net debt-to-EBITDA ratio, initially estimated at 2.76 times, will be reduced to approximately 2.5 times by fiscal year 2027.
The acquisition remains subject to regulatory approvals and consultations with workers' councils in Europe.