Adani Group to Acquire Europe's No. 2 Liquid Storage Operator Evos B.V. for €2.56 Bn

In one of the most significant overseas acquisitions by an Indian infrastructure company, Adani Ports and Special Economic Zone Limited (APSEZ), has agreed to acquire 100% of Netherlands-headquartered Evos B.V., Europe’s second-largest independent liquid storage operator, for an enterprise value of €2.56 billion. The all-cash transaction represents far more than a simple expansion of APSEZ’s international footprint. It signals the company’s growing ambition to become a global transport, logistics and energy infrastructure powerhouse.

The acquisition strengthens APSEZ’s presence across critical European energy and industrial corridors while providing access to a highly profitable liquid storage business that serves traditional fuels as well as emerging energy-transition products.

A Transformational International Expansion

Under the agreement, APSEZ will acquire the entire stake in Evos from Igneo Infrastructure Partners. The transaction values Evos at an equity value of €1.18 billion and implies an acquisition multiple of 11.7 times CY25 EBITDA.

For APSEZ, the deal represents a major step towards building a truly global integrated transport platform. Following the acquisition, the company's international footprint will expand to 28 ports and terminals across 10 countries, significantly increasing its geographic diversification and reducing concentration risk.

The transaction remains subject to regulatory approvals and works council consultation processes in Europe and will be funded through debt.

Why Evos Matters

Evos occupies a strategically important position in Europe's energy logistics infrastructure.

The company operates eight port-based liquid storage terminals across the Netherlands, Germany, Belgium, Spain and Malta, with a combined storage capacity of 6.3 million cubic metres. These facilities are located in some of Europe's most significant energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and key Mediterranean trade gateways.

The platform includes 452 storage tanks, 63 vessel and barge berths, as well as extensive pipeline connectivity, including links to Schiphol Airport and the Central Europe Pipeline System.

This infrastructure serves a broad customer base comprising energy companies, industrial firms, chemical manufacturers and commodity traders. The diversity of customers and products gives Evos a resilient business model that is less exposed to fluctuations in any single market segment.

Strong Financial Fundamentals

A key attraction for APSEZ is Evos' robust financial profile.

For calendar year 2025, Evos generated revenue of €392 million and EBITDA of €219 million, translating into an EBITDA margin of 56%. The terminals handled approximately 37 million metric tonnes of throughput during the year.

The business also maintains exceptionally high operational utilisation, with average commercial occupancy of 99%. A substantial portion of revenues is secured through take-or-pay contracts and agreements indexed to inflation, providing predictable cash flows and protection against economic volatility.

For investors, these characteristics make Evos a highly defensive infrastructure asset capable of generating stable returns across business cycles.

Positioning for the Energy Transition

Perhaps the most strategically important aspect of the acquisition is Evos' role in Europe's evolving energy landscape.

While the company continues to handle traditional petroleum products such as gasoline, gasoil, marine fuels and jet fuel, it has also developed infrastructure supporting transition fuels including sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.

Europe remains at the forefront of global decarbonisation efforts, driving investment into alternative fuels and cleaner energy supply chains. By securing ownership of critical storage and handling infrastructure, APSEZ gains exposure to long-term growth opportunities linked to the continent's energy transition.

The acquisition therefore offers APSEZ a dual advantage: continued participation in established fuel markets while positioning itself to benefit from emerging low-carbon energy ecosystems.

Strategic Benefits for APSEZ

Geographic Diversification

The acquisition significantly strengthens APSEZ's international platform by adding assets across multiple European countries. This diversification reduces dependence on any single economy, market or regulatory environment.

Expansion into High-Margin Storage Infrastructure

Storage infrastructure generally offers more stable earnings than traditional port operations due to long-term contracts and recurring customer relationships. Evos' 56% EBITDA margin highlights the attractiveness of this business model.

Entry into European Energy Corridors

The terminals provide access to some of Europe's most critical import, export and distribution hubs, strengthening APSEZ's role in global trade and logistics networks.

Enhanced Risk Profile

According to APSEZ, the transaction will improve the scale, geographic diversity and cash-flow characteristics of the combined platform, thereby strengthening its overall business risk profile.

Financial Impact

Following the acquisition, APSEZ expects the combined entity's pro forma net debt-to-EBITDA ratio to be approximately 2.76x based on APSEZ FY26 and Evos CY25 financials. The company expects this leverage level to improve to around 2.5x by FY27.

These figures suggest that while the acquisition is substantial in scale, management remains focused on maintaining financial discipline and balance-sheet strength.

Industry Implications

The acquisition reflects a broader trend among global infrastructure operators seeking ownership of strategic logistics and energy assets outside their home markets.

As supply chains become increasingly interconnected and geopolitical uncertainties reshape trade routes, ownership of critical infrastructure across multiple geographies is emerging as a key competitive advantage. APSEZ's move mirrors this global trend and positions the company alongside major international infrastructure operators managing diversified portfolios across continents.

The transaction also underscores the growing confidence of Indian multinational companies in pursuing large-scale acquisitions in developed markets, particularly in sectors linked to logistics, transportation and energy security.

Outlook

With the acquisition of Evos, APSEZ is not merely adding storage capacity; it is securing a strategic foothold in Europe's energy infrastructure ecosystem. The deal combines stable cash-generating assets, exposure to energy-transition growth opportunities and access to some of the world's most important trade and industrial corridors.

As global energy flows continue to evolve and supply chains become more integrated, APSEZ's purchase of Evos may be remembered as a defining transaction in its transformation from India's largest private port operator into a genuinely global logistics and infrastructure enterprise.