Date: November 5, 2026

Acquisition Details

Adani Ports and Special Economic Zone Limited (APSEZ) has been selected as the successful bidder to acquire 100% stake in Evos B.V., together with its subsidiaries, from F.S. Amelia S.à r.l. and Evos Manco B.V. following a competitive bidding process. APSEZ entered into an agreement on November 5, 2026, to proceed with the proposed transaction.

Target Company Details:

  • Name: Evos B.V. (incorporated in the Netherlands)
  • Authorised Capital: EUR 2
  • Paid-up Capital: EUR 2
  • Industry: Liquid storage operator
  • Date of Incorporation: December 5, 2019

Financial Details:

  • Enterprise Value: €2.56 billion
  • Equity Consideration: €1,184 million for 100% stake (subject to closing adjustments)
  • Acquisition Multiple: 11.7x CY25 EV/EBITDA
  • Funding: Cash consideration funded via debt
  • Transaction Timeline: 15 months from November 5, 2026

Evos Financial Performance:

  • CY25 Revenue: €392 million
  • CY25 EBITDA: €219 million (56% EBITDA margin)
  • Three-year Revenue Trend: CY23 €323M → CY24 €367M → CY25 €392M

Operational Details

Evos Infrastructure:

  • Storage Capacity: 6.3 million cubic meters
  • Throughput: 37 MMT during CY25
  • Terminal Network: 8 port-based terminals across 7 major ports in 5 European countries
  • Geographic Presence: Netherlands (Amsterdam East, Amsterdam West, Rotterdam, Terneuzen), Belgium (Ghent), Germany (Hamburg), Spain (Algeciras), and Malta
  • Assets: 452 tanks, 63 vessels and barge berths, multiple integrated pipeline connectivities

Product Portfolio:

Conventional fuels: Gasoline, gasoil, marine fuels, jet fuel

Transition fuels: Sustainable aviation fuel (SAF), biofuels, methanol, bioethanol

Business Model:

  • High revenue visibility with average 99% commercial occupancy
  • Substantial revenue under take-or-pay contracts and CPI-linked contract base
  • Diversified Tier-1 customer base including global energy majors, industrial/chemical companies, and commodity traders
  • Investment-grade rated issuer

Strategic Rationale

The acquisition represents a strong strategic fit with APSEZ's ambition to build a globally diversified, integrated transport platform. Key strategic benefits include:

  • Establishes sizeable European foothold across key energy and industrial hubs
  • Materially scales and diversifies APSEZ's liquids portfolio
  • Provides exposure to long-term transition toward new-age fuels
  • Adds high-margin, predictable hard-currency cash flows (56% EBITDA margin)
  • Expands APSEZ's global footprint to 28 ports and terminals across 10 countries
  • Increases liquids contribution from 46 MMT to 83 MMT

Financial Impact

Pro Forma Metrics:

  • Combined Net Debt/EBITDA: 2.76x (based on APSEZ FY26 and Evos CY25 financials)
  • Expected Net Debt/EBITDA by FY27: ~2.5x
  • EBITDA to CFO conversion: 83% in CY25 (expected to continue)

APSEZ Financial Position (as of Q2 FY27):

  • Cash Balance: ₹12,502 Cr
  • International Ports Performance (H1 FY27): Revenue ₹3,586 Cr, EBITDA ₹1,608 Cr (44.8% margin)
  • International Volumes: 47 MMT (up from 17 MMT in H1 FY26)

Approvals and Conditions

The proposed transaction is subject to necessary government and/or regulatory approvals in India and relevant foreign jurisdictions. The works council consultation process will start immediately.

Advisors

  • Sole Underwriter: MUFG (financing commitments for up to €2.8 billion)
  • Legal Counsel: Linklaters (international), Cyril Amarchand Mangaldas (domestic)

ESG Considerations

Evos ESG Performance (2025):

  • Environment: 100% renewable electricity across all terminals, zero scope 2 emissions
  • Social: Zero fatal injuries since 2019, LTIR = 0.30, 26% women in senior positions
  • Governance: 100% Code of Conduct compliance, 6 out of 8 terminals ISO 9001-certified