Adani Ports and Special Economic Zone Limited (APSEZ) has announced the acquisition of a 100 per cent stake in Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, from Igneo Infrastructure Partners at an enterprise value of €2.56 billion.
The all-cash transaction values Evos at an equity value of €1.18 billion, implying an acquisition multiple of 11.7 times its calendar year 2025 EV/EBITDA. The acquisition will be funded through debt and is subject to regulatory and other approvals, as well as works council consultation.
Evos reported revenue of €392 million and EBITDA of €219 million in CY25, delivering an EBITDA margin of 56 per cent. The company operates eight port-based terminals across five European countries – the Netherlands, Germany, Spain, Belgium and Malta.
With a storage capacity of 6.3 million cubic metres, Evos handled 37 million metric tonnes (MMT) of throughput in 2025. Its infrastructure comprises 452 tanks, 63 vessel and barge berths, and multiple integrated pipeline connections, including links to Schiphol Airport and the Central Europe Pipeline System.
The terminals are strategically located in major European energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean.
The acquisition will provide APSEZ with a significant presence in Europe’s liquid storage and energy infrastructure markets, adding a high-margin, cash-generative business to its portfolio. Evos has an average commercial occupancy of 99 per cent, with a substantial portion of its revenue secured through take-or-pay arrangements and consumer price index (CPI)-linked contracts.
Its diversified product portfolio covers conventional fuels such as gasoline, gasoil, marine fuels and jet fuel, alongside transition fuels including sustainable aviation fuel (SAF), biofuels, methanol and bioethanol. The company is also an investment-grade rated issuer.
Commenting on the acquisition, APSEZ Managing Director Karan Adani said the transaction would give the company a significant presence across key global liquid storage and energy hubs.
He added that APSEZ looks forward to partnering with Europe in supporting its sustainable energy transition while creating long-term value and maintaining financial prudence.
APSEZ said the acquisition would strengthen its business risk profile through greater scale, geographic diversification and stronger cash flows. Following the transaction, its global footprint will expand to 28 ports and terminals across 10 countries, establishing a major European liquids platform as part of its international expansion strategy.