Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire Netherlands-based liquid-storage operator Evos BV for an enterprise value of $2.9 billion, expanding the Indian port operator’s infrastructure network across five European countries. The all-cash transaction will give APSEZ control of eight port-based terminals serving energy and industrial markets.
APSEZ said the proposed acquisition values Evos at an equity value of $1.3 billion and an enterprise value-to-EBITDA multiple of 11.7 times, based on Evos’ calendar year 2025 financial performance. The transaction is subject to regulatory and other approvals, as well as works council consultation.
Evos operates a total storage capacity of 6.3 million cubic metres across the Netherlands, Germany, Spain, Belgium and Malta. Its infrastructure includes 452 storage tanks, 63 vessel and barge berths, and multiple pipeline connections. The terminals are located in major energy and industrial centres, giving the business a direct role in the movement and storage of liquid cargo.
The company handled 37 million tonnes of throughput in calendar year 2025 and reported revenue of $440 million and EBITDA of $246 million during the year. Its EBITDA margin stood at 56%, according to the information released by APSEZ. Evos is described as Europe’s second-largest independent liquid-storage operator.
The acquisition will increase APSEZ’s global network to 28 ports and terminals across 10 countries. The company said the deal would strengthen its position as an integrated transport and logistics operator while diversifying its exposure across geographies and cargo segments.
The transaction will be funded through debt. MUFG is the sole underwriter and has provided financing commitments of up to $3.2 billion for the proposed acquisition. The financing commitment is higher than the stated enterprise value of the transaction, although APSEZ’s announcement did not provide a detailed breakdown of the proposed funding structure.
For APSEZ, the deal extends its operations beyond port handling into specialised storage infrastructure connected to vessels, barges and pipelines. The European terminals will add a network of fixed logistics assets to the company’s existing port and terminal operations, subject to completion of the required approvals.
The proposed acquisition is APSEZ’s latest step in building an international logistics platform. Its completion will depend on regulatory clearances, other approvals and the works council consultation process. APSEZ has not provided a final completion date in the information available.
