Adani Ports and Special Economic Zone Ltd struck a €2.56 billion deal on Thursday to acquire Netherlands-headquartered Evos B.V., sweeping up Europe's second-largest independent liquid storage operator in an all-cash buyout.
Net debt told the real story of the transaction price. While the headline enterprise value clocked in at €2.558 billion, APSEZ will pay an equity consideration of €1.184 billion after deducting €1.374 billion in net debt and debt-like items, which includes €289 million in shareholder obligations. The transaction values Evos at 11.7 times its calendar year 2025 earnings before interest, tax, depreciation, and amortisation. Japanese lender MUFG stepped in as sole underwriter, committing up to €2.8 billion in debt facilities to bankroll the buyout.
The deal is entirely debt-financed. Yet APSEZ balance-sheet architects project the combined company's pro forma net debt-to-EBITDA ratio will sit at 2.76 times, stepping down to roughly 2.5 times by fiscal year 2027. Evos generated €392 million in revenue and €219 million in EBITDA during CY25, posting an EBITDA margin of 56%—comfortably outpacing APSEZ's own international ports margin of 44.8%. Consolidated income at Evos climbed steadily from €323 million in CY23 to €367 million in CY24 before touching €392 million last year.
| Financial & Operational Metric | Evos B.V. (CY25 Actual) | Combined / Target Metric |
|---|---|---|
| Enterprise Value | €2.558 Billion | — |
| Equity Consideration | €1.184 Billion | — |
| Annual Revenue | €392 Million | — |
| EBITDA / Margin | €219 Million (56%) | €225M (55% Est. CY26) |
| Valuation Multiple | 11.7x CY25 EV/EBITDA | 11.4x CY26 EV/EBITDA |
| Liquid Cargo Volumes | 37 MMT | Expands APSEZ to 83 MMT |
| Storage Capacity | 6.3 Million m³ | 452 Tanks Across 8 Terminals |
Energy corridors drove the purchase. Evos controls 6.3 million cubic metres of liquid storage across eight port terminals in five European economies: the Netherlands, Germany, Spain, Belgium, and Malta. Throughput reached 37 million metric tonnes in CY25 across 452 storage tanks and 63 vessel berths. The terminals connect directly into critical infrastructure networks, including direct supply pipelines to Amsterdam Airport Schiphol and the Central Europe Pipeline System.
Cargo will nearly double overnight. APSEZ lifts its consolidated liquids throughput from 46 million metric tonnes to 83 million metric tonnes, anchoring its presence inside the Antwerp-Rotterdam-Amsterdam trading hub and the Mediterranean basin. Evos operations run at 99% commercial occupancy, tied down by inflation-linked, take-or-pay contracts spanning chemicals, jet fuel, marine fuels, and sustainable aviation fuels.
APSEZ entered the binding share purchase agreement with sellers F.S. Amelia S.à r.l. and Evos Manco B.V. following an auction. Management expects the transaction to close within 15 months, pending works council consultations in Europe and statutory clearances across relevant regulatory jurisdictions.