Adani Ports and Special Economic Zone Limited (APSEZ), India's largest port operator, said on Thursday that it will acquire a 100 per cent stake in the Netherlands-based Evos B.V. from Igneo Infrastructure Partners at an enterprise value of 2.56 billion euros, PTI reported.

Source: The Hindu BusinessLine (PTI)

The proposed transaction is an all-cash deal and values Evos at an equity value of 1.18 billion euros, implying an acquisition multiple of 11.7 times Evos's calendar-year 2025 EV/EBITDA. APSEZ said the transaction will be funded via debt and is subject to regulatory and other approvals and works council consultation.

Evos is Europe's second-largest independent liquid storage operator. It runs eight port-based terminals across five countries — the Netherlands, Germany, Spain, Belgium and Malta — with 452 tanks, 63 vessel and barge berths and integrated pipeline connections, including links to Schiphol Airport and the Central Europe Pipeline System, according to ScanX's report of the announcement.

Source: ScanX

The terminals store, handle and transship liquid products such as gasoline, gasoil, marine fuels and jet fuel, giving APSEZ a significant presence across key global liquid storage and energy hubs outside India.

APSEZ managing director Karana Adani said: "We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs." He added: "We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth."

ScanX reported that APSEZ's pro forma net debt-to-EBITDA ratio stands at 2.76 times after the debt-funded deal and is expected to fall to 2.5 times by FY27.

The agreement follows APSEZ's earlier move in the same sale process: in late October, reports said the company had submitted a binding offer for Evos as Igneo ran a competitive auction that drew interest from global investors. Thursday's announcement converts that bid into an agreed acquisition, at an enterprise value below the roughly 3 billion euros reported for the initial offer.