Adani Ports acquires major European storage operator Evos for 2.56 billion euros

Adani Ports and Special Economic Zone Limited (APSEZ) has announced plans to acquire a 100% stake in Evos B.V., a company based in the Netherlands. Evos is the second-largest independent liquid storage operator in Europe. The deal is valued at €2.56 billion on an enterprise value basis.

The Indian port giant stated that the proposed transaction will be conducted entirely in cash. At this valuation, Evos' equity value stands at €1.18 billion, implying an EV/EBITDA multiple of 11.7x based on 2025 forecasts. APSEZ specified that in 2025, Evos generated revenues and EBITDA of €392 million and €219 million, respectively, demonstrating an EBITDA margin of 56 percent.

APSEZ added that the financing for this transaction will be debt-funded and is subject to obtaining regulatory approvals as well as consultation with the workers' council.

Management Comments

APSEZ Managing Director, Karan Adani, expressed satisfaction with the opportunity to include Evos in the company's portfolio. He noted that this will provide a significant presence in key global hubs for liquids and energy storage. He also emphasized the commitment to partnering with Europe, supporting its transition to sustainable energy, and creating long-term value while maintaining the financial prudence underpinning the company's growth.

According to the statement, this deal forms a major European platform for handling liquid cargo for APSEZ. This platform will comprise eight port terminals across five countries. Evos possesses storage capacity of 6.3 million cubic meters and processed 37 million metric tons of cargo in 2025.

The acquisition adds a high-margin, cash-generating liquid cargo business to APSEZ's portfolio. The average commercial occupancy rate is 99 percent, and a substantial portion of revenue is secured by 'take-or-pay' contracts and Consumer Price Index (CPI)-linked contracts.

The statement also indicated that the deal will strengthen APSEZ's business risk profile through the increased scale, geographical diversification, and cash flow of the combined platform. Thus, APSEZ's global footprint expands to 28 ports and terminals in 10 countries.

The second-largest liquid storage operator in Europe has warehousing facilities at eight strategically located port terminals in the Netherlands, Germany, Spain, Belgium, and Malta. Evos' terminals are situated in crucial European energy and industrial centers, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg, and the Mediterranean.

The platform includes 452 tanks, 63 vessels, and barge berths, along with several integrated pipeline connections, including those to Schiphol Airport and the Central European Pipeline System. Evos manages a diversified liquid cargo platform covering both traditional and transitional fuels. The product range includes gasoline, diesel, marine fuel, and aviation fuel, as well as transitional fuels such as Sustainable Aviation Fuel (SAF), biofuels, methanol, and bioethanol, enabling the business to participate in Europe's evolving energy mix. Evos is an investment-grade issuer.

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Adani Ports acquires Dutch operator Evos in a deal worth €1.18 billion

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