Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire 100% of Netherlands-based liquid storage operator Evos B.V. for an enterprise value of €2.56 billion. The all-cash deal will give APSEZ access to eight terminals across Europe, with a combined storage capacity of 6.3 million cubic metres. The transaction is subject to regulatory approvals, other clearances and works council consultation.

The deal values Evos at an equity value of €1.18 billion, with an acquisition multiple of 11.7 times its CY25 EV/EBITDA. Evos reported revenue of €392 million and EBITDA of €219 million in CY25, delivering an EBITDA margin of 56%. The combined entity's pro forma net debt-to-EBITDA ratio stands at 2.76 times, based on APSEZ's FY26 and Evos' CY25 financials. The ratio is expected to fall to around 2.5 times by FY27. APSEZ will fund the acquisition through debt.

“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. We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth,” said Mr Karan Adani, Managing Director, APSEZ.

Evos is Europe's second-largest independent liquid storage operator. It has a capacity of 6.3 million cubic metres across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. Its facilities are located in key energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. The network includes 452 tanks, 63 vessel and barge berths, and pipeline connections to facilities such as Schiphol Airport and the Central Europe Pipeline System.

Evos handled 37 million metric tonnes of throughput in CY25. Its product portfolio includes conventional fuels such as gasoline, gasoil, marine fuels and jet fuel, alongside sustainable aviation fuel, biofuels, methanol and bioethanol. The company has an investment-grade credit rating and serves global energy majors, industrial and chemical companies, and commodity traders.

Its business model offers predictable revenue and cash flows, supported by long-term customer relationships, 99% average commercial occupancy and take-or-pay and CPI-linked contracts.

The acquisition will strengthen APSEZ's presence in Europe, expand its liquid storage business and provide exposure to the energy transition. Evos' 56% EBITDA margin is higher than APSEZ's International Ports margin of 44.8% in H1 FY27. The deal will also add high-margin, hard-currency earnings to APSEZ's portfolio.

As of September 30, 2026, APSEZ reported a cash balance of ₹12,502 crore. Its International Ports business recorded revenue of ₹3,586 crore and EBITDA of ₹1,608 crore in H1 FY27, with a record margin of 44.8%. Volumes rose to 47 million metric tonnes from 17 million metric tonnes in H1 FY26. Growth came from the ramp-up of Colombo West International Terminal, Tanzania operations and contributions from NQXT Australia.

MUFG is the sole underwriter and has committed financing of up to €2.8 billion for the acquisition. Linklaters and Cyril Amarchand Mangaldas are advising APSEZ on international and domestic legal matters, respectively.