APSEZ Buys Evos for EUR 2.56bn in All-Cash Liquid Storage Push

Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire 100% of Evos B.V. at an enterprise value of EUR 2.56 billion, paying cash for Europe's largest independent liquid bulk storage platform in a deal that instantly gives the Indian operator a foothold across the Amsterdam-Rotterdam-Antwerp cluster, Hamburg and the Mediterranean.

The equity value comes to EUR 1.18 billion, implying an acquisition multiple of 11.7 times calendar 2025 EV/EBITDA. APSEZ will fund the purchase entirely with debt, backed by financing commitments of up to EUR 2.8 billion underwritten solely by MUFG. Linklaters and Cyril Amarchand Mangaldas advised on the transaction, which remains subject to regulatory approvals and works council consultation.

What does Evos bring to APSEZ?

Evos, headquartered in the Netherlands and currently owned by Igneo Infrastructure Partners, operates 6.3 million cubic metres of storage capacity spread across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. The physical network is deep: 452 tanks, 63 vessel and barge berths, and integrated pipeline connections that reach as far as Schiphol airport and the Central Europe Pipeline System.

Throughput reached 37 million tonnes in 2025. The product slate spans conventional fuels — gasoline, gasoil, marine fuels and jet fuel — alongside transition fuels including sustainable aviation fuel, biofuels, methanol and bioethanol.

Financially, Evos generated EUR 392 million in revenue and EUR 219 million in EBITDA in 2025, a 56 percent margin. That figure beats APSEZ's own 44.8 percent International Ports margin recorded in the first half of FY27, meaning the acquisition lifts the profitability of the overseas portfolio from day one.

The business is also defensively structured. Evos is an investment-grade rated issuer with Tier-1 customers among energy majors, industrial and chemical companies and commodity traders. Average commercial occupancy stands at 99 percent, and a substantial share of revenue sits under take-or-pay and CPI-linked contracts — cash-flow traits that European tank storage buyers have prized through volatile energy markets.

Why does the balance sheet allow it now?

APSEZ enters the deal from a position of strength. At 30 September 2026 the company held cash of INR 12,502 crore. Its International Ports portfolio posted record first-half revenue of INR 3,586 crore and EBITDA of INR 1,608 crore, with volumes nearly tripling to 47 million tonnes from 17 million, led by Colombo West International Terminal, Tanzania and NQXT Australia.

Even so, leverage matters. Pro forma net debt-to-EBITDA for the combined entity lands at 2.76 times, and management expects the ratio to fall to around 2.5 times by FY27 as the new assets generate cash.

Karan Adani, Managing Director of APSEZ, framed the purchase as a milestone in the group's larger build-out. He described Evos as "an important milestone toward handling 1 billion tonnes of cargo and building a global integrated transport platform," giving APSEZ a significant presence across key liquid storage and energy hubs and a role in Europe's sustainable energy transition while maintaining financial prudence.

What does it mean for the market?

For shippers and traders moving refined products and transition fuels through Northwest Europe, the change of owner at 6.3 million cubic metres of capacity consolidates more independent tank infrastructure under a single emerging-market operator with expanding global ambitions. For APSEZ, the deal diversifies revenue away from dry and container cargo at Indian ports into hard-currency, high-margin liquid storage at a moment when European energy security spending and SAF demand are both rising.

The transaction now rests with regulators and the works council. If it clears, APSEZ will operate liquid storage in five European countries while pointing its cargo volumes toward the 1 billion-tonne target.