Adani Ports to acquire Europe’s Evos for €2.56 billion EV

MUMBAI Adani Ports and Special Economic Zone Ltd (APSEZ) will acquire 100% stake in Netherlands-based Evos B.V. from Igneo Infrastructure Partners for an enterprise value of €2.56 billion in an all-cash transaction, marking its entry into Europe’s liquid storage market.

The acquisition values Evos at an equity value of €1.18 billion, implying an enterprise value-to-EBITDA multiple of 11.7 times CY25 earnings. The transaction will be funded through debt and is subject to regulatory and other approvals, besides works council consultation, APSEZ said in an exchange filing.

Evos is Europe’s second-largest independent liquid storage operator, with a capacity of 6.3 million cubic metres across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. It handled 37 million metric tonnes (MMT) of throughput in CY25, generating revenue of €392 million and EBITDA of €219 million, translating into a margin of 56%.