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What is the story about?
Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday (November 5) agreed to acquire a 100% stake in Netherlands-headquartered Evos B.V., Europe's second-largest independent liquid storage operator, in an all-cash transaction at an enterprise value of €2.56 billion (around ₹27,217 crore).
The acquisition values Evos at an equity value of €1.184 billion, implying a multiple of 11.7 times its calendar year 2025 (CY25) enterprise value to earnings before interest, tax, depreciation and amortisation (EV/EBITDA). The transaction will be funded through debt and is subject to regulatory approvals and works council consultation.
Evos reported revenue of €392 million and EBITDA of €219 million in CY25, translating into an EBITDA margin of 56%. Its consolidated income increased from €323 million in CY23 to €367 million in CY24 and €392 million in CY25.
The proposed acquisition will give APSEZ a major European liquids platform, comprising eight port-based terminals across five countries — the Netherlands, Germany, Spain, Belgium and Malta. The company's global footprint will expand to 28 ports and terminals across 10 countries.
Evos has a total storage capacity of 6.3 million cubic metres and handled 37 million metric tonnes (MMT) of throughput in CY25. Its terminals are located across seven strategic ports, including Amsterdam East, Amsterdam West, Rotterdam and Terneuzen in the Netherlands, Ghent in Belgium, Hamburg in Germany, Algeciras in Spain and Malta.
The company operates 452 storage tanks and has 63 vessel and barge berths, along with integrated pipeline connectivity, including links to Schiphol Airport and the Central Europe Pipeline System.
Why Adani Ports is acquiring Evos
The acquisition will expand APSEZ's presence in key European energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean. It will also increase the company's liquids cargo volumes from 46 MMT to 83 MMT, based on APSEZ's FY26 and Evos' CY25 volumes.
Evos handles a diversified portfolio of conventional and transition fuels, including gasoline, gasoil, marine fuels and jet fuel, along with sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.
Its business model is supported by an average commercial occupancy of 99%, long-term customer relationships and a substantial portion of revenue secured through take-or-pay contracts and consumer price index (CPI)-linked arrangements. The company also has a diversified customer base comprising global energy majors, industrial and chemical companies, and commodity traders.
APSEZ said Evos would add high-margin, predictable hard-currency cash flows and strengthen the scale, geographic diversity and cash flow profile of the combined platform. Evos' CY25 EBITDA margin of 56% is higher than APSEZ's international ports EBITDA margin of 44.8% in H1 FY27.
Deal Valuation
The transaction's enterprise value stands at €2.558 billion, while the equity value is €1.184 billion after deducting net debt and debt-like items of €1.374 billion, including shareholder debt of €289 million. The equity consideration is subject to closing adjustments.
The acquisition is valued at 11.7 times CY25 EBITDA and 11.4 times estimated CY26 EBITDA. Evos' EBITDA is estimated to increase from €219 million in CY25 to €225 million in CY26, with its EBITDA margin projected at 55%. MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion for the proposed transaction. The deal will be funded through debt.
Based on APSEZ's FY26 and Evos' CY25 financials, the combined entity's pro forma net debt-to-EBITDA ratio will stand at 2.76 times and is expected to be around 2.5 times by FY27.
Acquisition Timeline
APSEZ was selected as the successful bidder following a competitive bidding process and entered into an agreement on November 5, 2026, with F.S. Amelia S.à r.l. and Evos Manco B.V. for the proposed acquisition.
The transaction involves a cash consideration for 100% of Evos' paid-up share capital. Completion is expected within 15 months from November 5, 2026, subject to necessary government and regulatory approvals in India and relevant foreign jurisdictions, along with works council consultation.
APSEZ's existing international operations
As of September 30, 2026, APSEZ had a cash balance of ₹12,502 crore. Its international ports business reported record revenue of ₹3,586 crore and EBITDA of ₹1,608 crore in H1 FY27, with an EBITDA margin of 44.8%.
International port volumes increased to 47 MMT in H1 FY27 from 17 MMT in the corresponding period last year, led by the ramp-up of Colombo West International Terminal, Tanzania operations and contribution from NQXT Australia.
Shares of Adani Ports and Special Economic Zone Ltd ended at ₹1,897.00, down by ₹10.10, or 0.53%, on the BSE.
The acquisition values Evos at an equity value of €1.184 billion, implying a multiple of 11.7 times its calendar year 2025 (CY25) enterprise value to earnings before interest, tax, depreciation and amortisation (EV/EBITDA). The transaction will be funded through debt and is subject to regulatory approvals and works council consultation.
Evos reported revenue of €392 million and EBITDA of €219 million in CY25, translating into an EBITDA margin of 56%. Its consolidated income increased from €323 million in CY23 to €367 million in CY24 and €392 million in CY25.
The proposed acquisition will give APSEZ a major European liquids platform, comprising eight port-based terminals across five countries — the Netherlands, Germany, Spain, Belgium and Malta. The company's global footprint will expand to 28 ports and terminals across 10 countries.
Evos has a total storage capacity of 6.3 million cubic metres and handled 37 million metric tonnes (MMT) of throughput in CY25. Its terminals are located across seven strategic ports, including Amsterdam East, Amsterdam West, Rotterdam and Terneuzen in the Netherlands, Ghent in Belgium, Hamburg in Germany, Algeciras in Spain and Malta.
The company operates 452 storage tanks and has 63 vessel and barge berths, along with integrated pipeline connectivity, including links to Schiphol Airport and the Central Europe Pipeline System.
Why Adani Ports is acquiring Evos
The acquisition will expand APSEZ's presence in key European energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean. It will also increase the company's liquids cargo volumes from 46 MMT to 83 MMT, based on APSEZ's FY26 and Evos' CY25 volumes.
Evos handles a diversified portfolio of conventional and transition fuels, including gasoline, gasoil, marine fuels and jet fuel, along with sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.
Its business model is supported by an average commercial occupancy of 99%, long-term customer relationships and a substantial portion of revenue secured through take-or-pay contracts and consumer price index (CPI)-linked arrangements. The company also has a diversified customer base comprising global energy majors, industrial and chemical companies, and commodity traders.
APSEZ said Evos would add high-margin, predictable hard-currency cash flows and strengthen the scale, geographic diversity and cash flow profile of the combined platform. Evos' CY25 EBITDA margin of 56% is higher than APSEZ's international ports EBITDA margin of 44.8% in H1 FY27.
Deal Valuation
The transaction's enterprise value stands at €2.558 billion, while the equity value is €1.184 billion after deducting net debt and debt-like items of €1.374 billion, including shareholder debt of €289 million. The equity consideration is subject to closing adjustments.
The acquisition is valued at 11.7 times CY25 EBITDA and 11.4 times estimated CY26 EBITDA. Evos' EBITDA is estimated to increase from €219 million in CY25 to €225 million in CY26, with its EBITDA margin projected at 55%. MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion for the proposed transaction. The deal will be funded through debt.
Based on APSEZ's FY26 and Evos' CY25 financials, the combined entity's pro forma net debt-to-EBITDA ratio will stand at 2.76 times and is expected to be around 2.5 times by FY27.
Acquisition Timeline
APSEZ was selected as the successful bidder following a competitive bidding process and entered into an agreement on November 5, 2026, with F.S. Amelia S.à r.l. and Evos Manco B.V. for the proposed acquisition.
The transaction involves a cash consideration for 100% of Evos' paid-up share capital. Completion is expected within 15 months from November 5, 2026, subject to necessary government and regulatory approvals in India and relevant foreign jurisdictions, along with works council consultation.
APSEZ's existing international operations
As of September 30, 2026, APSEZ had a cash balance of ₹12,502 crore. Its international ports business reported record revenue of ₹3,586 crore and EBITDA of ₹1,608 crore in H1 FY27, with an EBITDA margin of 44.8%.
International port volumes increased to 47 MMT in H1 FY27 from 17 MMT in the corresponding period last year, led by the ramp-up of Colombo West International Terminal, Tanzania operations and contribution from NQXT Australia.
Shares of Adani Ports and Special Economic Zone Ltd ended at ₹1,897.00, down by ₹10.10, or 0.53%, on the BSE.
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