Adani Ports and Special Economic Zone (APSEZ) announced on November 5 an agreement to purchase Evos, a Netherlands-headquartered liquid storage operator, from Igneo Infrastructure Partners. The transaction carries an enterprise value of €2.56 billion ($2.86 billion).
The all-cash transaction covers 100 per cent of Evos, which has an equity value of €1.18 billion. Evos’s eight port-based terminals have 452 tanks, with an aggregate capacity of 6.3 million cubic metres, and are served by 63 vessel and barge berths.
The terminals are at Amsterdam East, Amsterdam West, Rotterdam and Terneuzen in the Netherlands, Ghent in Belgium, Hamburg in Germany, Algeciras in Spain, and Malta. The network has pipeline connections to Schiphol airport and the Central Europe Pipeline System.
Gasoline, gasoil, marine fuels and jet fuel are among the products stored at the terminals. The terminals also handle biofuels, methanol, bioethanol and "sustainable aviation fuel" (SAF).
APSEZ said Evos handled 37 million tonnes in 2025, with revenue of €392 million and EBITDA of €219 million. The enterprise value is 11.7 times that EBITDA figure.
The acquisition will be debt-funded. MUFG has committed up to €2.8 billion.
Completion remains subject to regulatory approval and consultation with the works council.
Once completed, the acquisition will give APSEZ 28 ports and terminals in 10 countries. Managing director Karan Adani linked the deal to the company's target of handling one billion tonnes of cargo. Earlier this year, APSEZ announced plans to expand its offshore business in Europe.
