According to reports from CNBC TV18, Rediff Moneynews, Business Standard, Mint, and Upstox, Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to acquire a 100 percent stake in Netherlands-based liquid storage operator Evos B.V. in an all-cash transaction at an enterprise value of €2.56 billion (approximately ₹27,142 crore). The proposed acquisition 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). As per Mint, the transaction will be funded through debt and is subject to regulatory approvals and works council consultation. The deal was finalized on November 5, 2026, following a competitive bidding process, with completion expected within 15 months subject to necessary approvals. Mint reports that Japanese financier MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion for the proposed transaction, with the deal being funded entirely through MUFG in euros as Adani increasingly turns to Japanese lenders to bankroll its expansion.
As reported by CNBC TV18, Rediff Moneynews, Business Standard, Mint, and Upstox, Evos delivered revenue of €392 million and EBITDA of €219 million for calendar year 2025, translating into an EBITDA margin of 56 percent. The company's consolidated income increased from €323 million in CY23 to €367 million in CY24 and €392 million in CY25. 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 acquisition is valued at 11.7 times CY25 EBITDA and 11.4 times estimated CY26 EBITDA, with Evos's EBITDA estimated to increase from €219 million in CY25 to €225 million in CY26 with a projected margin of 55 percent. According to Mint, Evos's 56 percent EBITDA margin is above APSEZ's H1FY27 international ports margin of 44.8 percent, highlighting the premium valuation for high-margin European operations. The acquisition also meets APSEZ's strict criteria, featuring a double-digit return on capital employed (ROCE) and a proforma leverage ratio of less than 2.5 net debt to EBITDA.
According to CNBC TV18, Rediff Moneynews, Business Standard, Mint, and Upstox, Evos is Europe's second-largest independent liquid storage operator, with a storage capacity of 6.3 million cubic metres across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. The platform comprises 452 tanks, 63 vessels and barge berths with integrated pipeline connectivity, including links to Schiphol Airport and the Central Europe Pipeline System. Evos's terminals are strategically located across seven 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 handled 37 MMT of throughput during 2025 and operates a diversified portfolio spanning conventional and transition fuels, including gasoline, gasoil, marine fuels, jet fuel, sustainable aviation fuel (SAF), biofuels, methanol and bioethanol. As per Mint, Evos's assets, which handle fuels such as gasoline, diesel, marine fuels, sustainable aviation fuels and biofuels, will be APSEZ's first liquid storage capacity outside India. For context, APSEZ has a capacity of 5.5 million cubic metres across five Indian ports. As per Rediff Moneynews, Evos is an investment-grade rated issuer and operates in Europe's most important energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean. According to Mint, Evos's customers include global energy majors, leading industrial and chemical companies, and commodity traders, with the business model providing high revenue and cash flow visibility underpinned by long-standing customer relationships.
As reported by CNBC TV18, Rediff Moneynews, Business Standard, Mint, and Upstox, 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. The deal will increase APSEZ's liquids cargo volumes from 46 MMT to 83 MMT, based on APSEZ's FY26 and Evos's CY25 volumes. Evos's CY25 EBITDA margin of 56 percent is higher than APSEZ's international ports EBITDA margin of 44.8 percent in H1 FY27. The platform adds high-margin, predictable hard-currency cash flows with average commercial occupancy at 99 percent and substantial revenue secured through take-or-pay contracts and CPI-linked arrangements. APSEZ's global footprint now expands to 28 ports and terminals across 10 countries following this acquisition, with shares ending at ₹1,897.00, down by ₹10.10 on the BSE. According to Mint, APSEZ was weighing 20 acquisition opportunities around the globe, with CEO Ashwani Gupta stating the company still had an appetite for overseas acquisitions as long as it could acquire the assets without overleveraging itself. As per Mint, APSEZ managing director Karan Adani stated that the acquisition gives significant presence across key global liquid storage and energy hubs and positions the company to support Europe's sustainable energy transition while maintaining financial prudence. The acquisition comes less than a year after APSEZ acquired the North Queensland Export Terminal (NQXT) in Australia for ₹21,640 crore from a promoter group company in an all-stock deal, marking APSEZ's fifth international acquisition in as many years.
