Ahmedabad, Nov. 5 -- Adani Ports and Special Economic Zone Ltd (APSEZ), India's largest integrated transport operator, has agreed to acquire a 100 per cent stake in Netherlands-headquartered Evos BV from Igneo Infrastructure Partners for an enterprise value of €2.56 bn in an all-cash transaction.
The deal values Evos at an equity value of €1.18 bn, implying an acquisition multiple of 11.7x CY25 EV/EBITDA. Evos reported revenue of €392 mn and EBITDA of €219 mn in CY25, translating into an EBITDA margin of 56 per cent.
The transaction will be funded through debt and is subject to regulatory and other approvals, besides works council consultation. The combined entity's pro forma net debt-to-EBITDA ratio will be 2.76x, based on APSEZ FY26 and Evos CY25 financials, and is expected to decline to around 2.5x by FY27.
"Evos marks an important milestone in APSEZ's trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform," said Karan Adani, Managing Director, APSEZ.
Evos is Europe's second-largest independent liquid storage operator, with 6.3 mn cubic meters of capacity across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. Its infrastructure comprises 452 tanks, 63 vessel and barge berths, and integrated pipeline connections, including those to Schiphol airport and the Central Europe Pipeline System. It handled 37 MMT of throughput in CY25.
Its diversified product portfolio includes conventional fuels such as gasoline, gasoil, marine fuels and jet fuel, alongside sustainable aviation fuel (SAF), biofuels, methanol and bioethanol. Evos has Tier-1 customers, average 99 per cent commercial occupancy and substantial revenues secured through take-or-pay and CPI-linked contracts. It is also an investment-grade rated issuer.
The acquisition will establish APSEZ's presence in major European energy hubs, diversify its liquids portfolio and provide predictable hard-currency cash flows. Evos' 56 per cent EBITDA margin is higher than APSEZ's International Ports margin of 44.8 per cent in H1 FY27.
As of September 30, 2026, APSEZ had a cash balance of Rs 12,502 crore. Its International Ports business recorded revenue of Rs 3,586 crore and EBITDA of Rs 1,608 crore in H1 FY27, with volumes rising to 47 MMT from 17 MMT in H1 FY26.
MUFG is the sole underwriter and has committed financing of up to €2.8 billion. Linklaters and Cyril Amarchand Mangaldas are advising APSEZ on international and domestic legal matters, respectively.
Published by HT Digital Content Services with permission from Millennium Post.