APSEZ enters European energy market with EUR 2.56bn Evos acquisition

Adani Ports and Special Economic Zone (APSEZ) has reached an agreement to acquire 100% of Netherlands-based liquid storage operator Evos B.V. from Igneo Infrastructure Partners. The all-cash transaction carries an enterprise value of EUR 2.56 billion and an equity value of EUR 1.18 billion, representing a significant strategic pivot for the Indian port major into the European energy landscape.

The acquisition, valued at 11.7 times calendar 2025 EV/EBITDA, provides APSEZ with 6.3 million cubic metres of storage capacity across eight terminals. These assets are strategically located in the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg, and the Mediterranean, positioning the company at the heart of Europe’s most critical liquid bulk and energy hubs. The deal is being funded by debt underwritten by MUFG, with commitments reaching EUR 2.8 billion.

Beyond simple capacity expansion, the acquisition introduces a high-margin revenue stream that outperforms APSEZ’s existing international portfolio. Evos reported a 56 percent EBITDA margin in 2025, notably higher than the 44.8 percent margin recorded by APSEZ’s international ports division in the first half of FY27. This financial profile is underpinned by a Tier-1 customer base and a high proportion of take-or-pay, CPI-linked contracts, ensuring predictable hard-currency cash flows as the company scales its global footprint.

For maritime and energy logistics professionals, the most significant implication lies in the integration of these port assets with inland infrastructure. Evos operates 63 vessel and barge berths but also maintains direct pipeline connections to Schiphol airport and the Central Europe Pipeline System (CEPS). This connectivity transforms the terminals from traditional ship-to-shore interfaces into critical nodes for European aviation and strategic fuel security, diversifying APSEZ’s exposure beyond maritime freight cycles.

The deal also secures a platform for the energy transition. While the current product mix includes gasoline and jet fuel, the Evos infrastructure is already handling sustainable aviation fuel (SAF), biofuels, methanol, and bioethanol. This enables APSEZ to bypass the initial infrastructure hurdles of the green transition in Europe, acquiring ready-made capacity for the next generation of marine and industrial fuels.

Karan Adani, Managing Director of APSEZ, noted that the acquisition is a milestone toward the company’s goal of handling 1 billion tonnes of cargo. The move follows a period of rapid growth for APSEZ’s international portfolio, which saw volumes rise from 17 million to 47 million tonnes in the first half of the current reporting period, driven by expansions in Colombo, Tanzania, and Australia. The transaction remains subject to regulatory approvals and works council consultations.

Source: Container News