Adani Ports and Special Economic Zone (APSEZ) will acquire a 100 per cent stake in Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, in an all-cash transaction valued at an enterprise value of €2.56 billion. The deal will give India’s largest port operator control of eight port-based terminals across five European countries, subject to regulatory approvals and works council consultation.
APSEZ said the acquisition will be funded through debt. The transaction values Evos at an equity value of €1.18 billion and implies an acquisition multiple of 11.7 times its calendar year 2025 enterprise value to earnings before interest, taxes, depreciation and amortisation, or EV/EBITDA.
Evos reported revenue of €392 million and EBITDA of €219 million in 2025, according to APSEZ. The company’s EBITDA margin was 56 per cent. Its terminals had an average commercial occupancy rate of 99 per cent, while a substantial portion of its revenue was covered by take-or-pay arrangements and contracts linked to the Consumer Price Index.
The acquisition will establish a European liquids platform for APSEZ with 6.3 million cubic metres of storage capacity. Evos handled 37 million metric tonnes of throughput in 2025 and operates 452 tanks, 63 vessel and barge berths, and several pipeline connections.
The terminals are located in the Netherlands, Germany, Spain, Belgium and Malta. They are positioned in major energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. The network also includes integrated pipeline connectivity to Schiphol Airport and the Central Europe Pipeline System.
Evos handles conventional fuels including gasoline, gasoil, marine fuels and jet fuel. Its portfolio also includes transition fuels such as sustainable aviation fuel, biofuels, methanol and bioethanol. APSEZ said this product mix would position the business to participate in Europe’s changing energy mix. Evos is an investment-grade rated issuer.
Karan Adani, managing director of APSEZ, said the acquisition would give the company a significant presence across key global liquid storage and energy hubs. He said APSEZ looked forward to partnering with Europe, supporting its sustainable energy transition and creating long-term value while maintaining the financial discipline behind its growth.
The transaction will expand APSEZ’s global network to 28 ports and terminals across 10 countries. The company said the enlarged platform would increase its geographic diversity, scale and cash-flow base while strengthening its business risk profile.
The acquisition remains subject to regulatory and other approvals, along with consultation with employee works councils. APSEZ and Evos will proceed with those processes before the transaction can be completed.
