NEW DELHI: Adani Ports and Special Economic Zone Ltd has agreed to buy 100 per cent of Netherlands-based Evos BV from Igneo Infrastructure Partners at an enterprise value of 2.56 billion euros, giving it control of Europe's second-largest independent liquid storage operator and a foothold in the Amsterdam-Rotterdam-Antwerp energy hub.
The all-cash deal values Evos at an equity value of 1.18 billion euros and 11.7 times its calendar year 2025 EV/EBITDA. It will be funded through debt; MUFG is sole underwriter with financing commitments of up to 2.8 billion euros, and the transaction is subject to regulatory approvals and works council consultation.
Evos runs eight port-based liquid storage terminals across the Netherlands, Germany, Spain, Belgium and Malta, with 6.3 million cubic metres of capacity, 452 tanks and 63 vessel and barge berths. It handled 37 million tonnes of throughput in CY25 and reported revenue of 392 million euros and EBITDA of 219 million euros, a 56 per cent margin. Average commercial occupancy was 99 per cent, with a large share of revenue on take-or-pay and inflation-linked contracts.
Its terminals sit in the ARA region, Hamburg and the Mediterranean, with pipeline links to Schiphol Airport and the Central Europe Pipeline System. The business handles gasoline, gasoil, marine fuels and jet fuel as well as sustainable aviation fuel, biofuels, methanol and bioethanol.
The acquisition takes APSEZ's network to 28 ports and terminals in 10 countries, against 16 in India and operations in Australia, Colombo, Israel and Tanzania. Pro forma net debt to EBITDA for the combined entity is 2.76 times on APSEZ's FY26 and Evos' CY25 numbers, which the company expects to bring down to about 2.5 times by FY27.
"Evos marks an important milestone in APSEZ's trajectory towards handling 1 billion tonne of cargo and building a truly global, integrated transport platform," managing director Karan Adani said.
APSEZ's international ports business reported record revenue of Rs 3,586 crore and EBITDA of Rs 1,608 crore in H1 FY27, a 44.8 per cent margin, with volumes rising to 47 million tonnes from 17 million tonnes a year earlier. Evos' 56 per cent margin is well above that, and the company said the deal adds a high-margin, hard-currency earnings stream. APSEZ had a cash balance of Rs 12,502 crore as of September 30.
The company is targeting 1 billion tonnes of cargo by FY31 against current capacity of 671 million tonnes a year.
(With inputs from PTI and media reports)