Adani
Adani makes big European bet! Acquires Netherlands-based Evos in €2.56 billion deal
India's Adani Ports and Special Economic Zone Limited (APSEZ) has announced plans to acquire a 100% stake in Netherlands-headquartered Evos B.V. (Evos) from Igneo Infrastructure Partners.
According to an APSEZ statement, the proposed acquisition is an all-cash transaction at an enterprise value of €2.56 billion.
The transaction values Evos at an equity value of €1.18 billion, implying an acquisition multiple of 11.7 times its CY25 enterprise value to EBITDA (EV/EBITDA).
In CY25, Evos reported revenue of €392 million and EBITDA of €219 million, translating into an EBITDA margin of 56%.
The pro forma net debt-to-EBITDA ratio of the combined entity stands at 2.76 times, based on APSEZ's FY26 and Evos' CY25 financials. This is expected to decline to around 2.5 times by FY27.
The acquisition will be funded through debt and remains subject to regulatory and other approvals, as well as works council consultation.
Commenting on the acquisition, Karan Adani, Managing Director of APSEZ, said: "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."
Evos' European presence
Evos is Europe's second-largest independent liquid storage operator, with a storage capacity of 6.3 million cubic metres across eight strategically located port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta.
Its terminals are strategically positioned in some of Europe's most important energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean.
The company's infrastructure comprises 452 storage tanks, 63 vessel and barge berths, and several integrated pipeline connections, including links to Schiphol Airport and the Central Europe Pipeline System.
Evos handled 37 million metric tonnes (MMT) of throughput in CY25.
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