Adani Ports to Buy Evos at €2.56 Billion Enterprise Value
APSEZ will buy 100% of the Netherlands-based liquid storage operator from Igneo Infrastructure Partners.
Key Takeaways
- APSEZ agreed to buy 100% of Evos B.V. from Igneo Infrastructure Partners.
- The enterprise value is €2.56 billion and the equity value is €1.18 billion.
- Evos has eight terminals in the Netherlands, Germany, Spain, Belgium and Malta.
- The deal is debt-funded, with MUFG committing up to €2.8 billion.
- Completion needs regulatory approvals and works council consultation.
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Adani Ports and Special Economic Zone (APSEZ) has agreed to buy 100% of Evos B.V., a liquid storage operator based in the Netherlands, from Igneo Infrastructure Partners. APSEZ announced the deal on 5 November 2026 at an enterprise value of €2.56 billion.
The deal values Evos's equity at €1.18 billion. The enterprise value is 11.7 times its calendar year 2025 EBITDA. The purchase is debt-funded, with MUFG committing up to €2.8 billion, and it is subject to regulatory approvals and consultation with Evos's works council.
Adani Ports' Evos deal at a glance
| Detail | Adani Ports and Evos |
|---|---|
| Buyer | Adani Ports and Special Economic Zone (APSEZ) |
| Target | Evos B.V. |
| Seller | Igneo Infrastructure Partners |
| Stake | 100% |
| Enterprise value | €2.56 billion |
| Equity value | €1.18 billion |
| Enterprise value multiple | 11.7 times calendar year 2025 EBITDA |
| Financing | Debt-funded, with MUFG commitments of up to €2.8 billion |
| Announced | 5 November 2026 |
What Evos runs across five European countries
Evos is described as Europe's second-largest independent liquid storage operator. It has eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta, with 6.3 million cubic metres of storage capacity and 452 tanks.
The terminals handle products such as gasoline, gasoil, marine fuels, jet fuel, sustainable aviation fuel, biofuels, methanol and bioethanol. They also have pipeline links to Schiphol Airport and the Central Europe Pipeline System.
Evos's numbers for calendar year 2025
| Measure | Evos |
|---|---|
| Revenue | €392 million |
| EBITDA | €219 million |
| Volume handled | 37 million tonnes |
| Terminals | 8 |
| Storage capacity | 6.3 million cubic metres |
Karan Adani ties Evos to the 1 billion ton cargo goal
Karan Adani, Managing Director of APSEZ, said Evos marks an important milestone in APSEZ's trajectory towards handling 1 billion tons of cargo.
Where APSEZ stands after the Evos deal
With Evos, APSEZ's network would reach 28 ports and terminals in 10 countries. The purchase is debt-funded, with MUFG committing up to €2.8 billion. Completion is subject to regulatory approvals and consultation with Evos's works council.
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Frequently Asked Questions
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