Adani Ports to acquire European storage company Evos for 2.56 billion Euro

Adani Ports and Special Economic Zone Limited (APSEZ) will acquire a 100 per cent stake in Evos B.V., Europe's second-largest independent liquid storage operator. According to an NDTV report, APSEZ will acquire the Netherlands-based company from Igneo Infrastructure Partners at an enterprise value of 2.56 billion Euro.

India's largest port operator stated in a statement that this is an all-cash deal. The equity value of Evos has been fixed at 1.18 billion Euro in this transaction, meaning the acquisition is at a multiple of 11.7x CY25 EV/EBITDA. APSEZ clarified that the funding for this transaction will be raised through debt. The deal remains subject to regulatory and other approvals, as well as consultation with the works council.

Providing information on financial details, APSEZ stated that Evos achieved a revenue of 392 million Euro and an EBITDA of 219 million Euro for calendar year 2025, representing an EBITDA margin of 56 per cent. The company has a total storage capacity of 6.3 million cubic metres and handled 37 MMT throughput during 2025.

Through this acquisition, a large liquids platform will be created for APSEZ in Europe, comprising eight port terminals located across five different countries. These terminals are strategically situated in the Netherlands, Germany, Spain, Belgium, and Malta. This transaction will add a high-margin and cash-generating liquids business to APSEZ's portfolio. This business has an average commercial occupancy of 99 per cent, with a significant portion of revenue based on 'take-or-pay' contracts and CPI-linked contract bases.

Expressing happiness over the move, Karan Adani, Managing Director of APSEZ, said, "We are delighted to welcome Evos into our portfolio, which will give us a significant presence in global liquid storage and energy hubs." He further added, "We are keen to partner with Europe, support its sustainable energy transition, and create permanent value while maintaining the financial prudence that underpins growth."

According to the company's statement, this transaction will strengthen APSEZ's business risk profile as it increases the platform's size, geographical diversity, and cash flow. Following this new acquisition, APSEZ's global reach now extends to 28 ports and terminals across 10 countries.