APSEZ agrees Rs 27,221.12 crore cash acquisition of Evos

Adani Ports and Special Economic Zone Limited agreed on November 5, 2026, to acquire 100% of Evos in a cash transaction valued at Rs 27,221.12 crore in enterprise value, adding eight European liquid-storage terminals with 6.3 million cubic metres of capacity and 37 million metric tonnes of calendar year 2025 throughput.

What has APSEZ agreed to buy?

APSEZ has agreed to acquire 100% of Evos, a Netherlands-headquartered liquid-storage operator, in a proposed cash transaction following a competitive bidding process. The transaction has an enterprise value of Rs 27,221.12 crore, based on the disclosed value of €2,558 million and the presentation's exchange rate of Rs 106.4 per euro. Equity consideration for the full stake is Rs 12,597.76 crore, subject to closing adjustments.

Evos provides storage, handling and transshipment rather than owning the products held at its terminals. Its portfolio includes gasoline, gasoil, marine fuels and jet fuel, alongside sustainable aviation fuel, biofuels, methanol and bioethanol. Evos was incorporated on December 5, 2019, and reported consolidated income of Rs 4,170.88 crore for calendar year 2025, or CY25.

The enterprise value comprises Rs 12,597.76 crore of equity value and Rs 14,619.36 crore of net debt and debt-like items. The latter includes Rs 3,074.96 crore of shareholder debt. APSEZ said the price represents 11.7 times Evos' CY25 earnings before interest, tax, depreciation and amortisation, or EBITDA, and 11.4 times estimated CY26 EBITDA.

What European assets will Evos add to APSEZ?

Evos will add eight port-based terminals across seven ports in five countries: the Netherlands, Belgium, Germany, Spain and Malta. The network has 6.3 million cubic metres of storage capacity, 452 tanks and 63 vessel and barge berths. Its locations include the Amsterdam-Rotterdam-Antwerp region, Hamburg and Mediterranean hubs.

Amsterdam East is the largest disclosed terminal, with 1.697 million cubic metres of capacity and pipeline connectivity to Schiphol airport. Amsterdam West has 1.216 million cubic metres, Ghent has 931,000 cubic metres and Hamburg has 683,000 cubic metres. Other terminals in the network are located at Terneuzen, Rotterdam, Malta and Algeciras.

APSEZ said the acquisition would expand its global footprint from 20 to 28 ports and terminals and from five to 10 countries. It also said liquids contribution would increase from 46 million metric tonnes to 83 million metric tonnes, incorporating Evos' 37 million metric tonnes of CY25 throughput.

How did Evos perform before the proposed acquisition?

Evos reported CY25 income of Rs 4,170.88 crore and EBITDA of Rs 2,330.16 crore, producing a 56% EBITDA margin. Income increased from Rs 3,904.88 crore in CY24 and Rs 3,436.72 crore in CY23. EBITDA rose from Rs 2,128 crore in CY24 and Rs 1,766.24 crore in CY23.

The financial trend shows income rose by Rs 734.16 crore between CY23 and CY25, while EBITDA rose by Rs 563.92 crore over the same period. EBITDA margin increased from 51% in CY23 to 54% in CY24 and 56% in CY25. The presentation estimates CY26 income of Rs 4,341.12 crore and EBITDA of Rs 2,394 crore, with a 55% margin; these are estimates, not reported results.

Evos reported average commercial occupancy of 99%, with a substantial part of revenue under take-or-pay contracts and a Consumer Price Index-linked contract base. APSEZ compared Evos' 56% CY25 EBITDA margin with its International Ports EBITDA margin of 44.8% in the first half of FY27. APSEZ's International Ports business reported Rs 3,586 crore of revenue and Rs 1,608 crore of EBITDA in that six-month period.

How will APSEZ finance the Evos acquisition?

APSEZ said the transaction will be debt-funded, with MUFG providing financing commitments of up to Rs 29,792 crore. The commitment is higher than the disclosed Rs 27,221.12 crore enterprise value, while the equity payment to sellers is Rs 12,597.76 crore before closing adjustments. APSEZ reported a cash balance of Rs 12,502 crore as of September 30, 2026.

On a pro forma basis using APSEZ FY26 and Evos CY25 financials, APSEZ reported combined net debt to EBITDA of 2.76 times after the acquisition. The presentation shows combined net debt after acquisition of Rs 69,559 crore and combined EBITDA of Rs 25,184 crore. This compares with APSEZ standalone FY26 net debt to EBITDA of 1.88 times and Evos CY25 net debt to EBITDA of 6.02 times.

Management expects combined net debt to EBITDA to be around 2.5 times by FY27. That expectation depends on completion of the proposed transaction and subsequent operating performance. APSEZ also said Evos' CY25 EBITDA-to-cash-flow-from-operations conversion was 83% and expects that conversion to continue.

What must happen before the deal can close?

The proposed acquisition must receive required government and regulatory approvals in India and relevant foreign jurisdictions, and complete a works council consultation process. APSEZ said the approval and consultation processes would begin immediately after the November 5, 2026 announcement. The company has indicated a completion period of 15 months from that date.

The equity consideration of Rs 12,597.76 crore remains subject to closing mechanics, while financing will be debt-funded. Until regulatory approvals, consultation and closing adjustments are complete, APSEZ has agreed to proceed with the transaction but does not yet own Evos. The acquisition therefore remains exposed to approval timing and completion conditions disclosed in the filing.

Evos' presentation identifies infrastructure for carbon dioxide, liquefied petroleum gas, ammonia and liquid organic hydrogen carrier handling as being in the pipeline. It also describes positions in biodiesel, bioethanol, bio-methanol, renewable feedstocks and sustainable aviation fuel. These are disclosed development plans rather than completed additions to the 6.3 million cubic metres of existing storage capacity.

Conclusion

The proposed acquisition would give APSEZ a European liquids platform with 6.3 million cubic metres of storage capacity, 37 million metric tonnes of CY25 throughput and Rs 2,330.16 crore of CY25 EBITDA. It would expand APSEZ's global footprint from 20 to 28 ports and terminals and raise its stated liquids contribution from 46 million metric tonnes to 83 million metric tonnes.

The next disclosed milestones are regulatory approvals and works council consultation, with completion indicated within 15 months of November 5, 2026. Investors can also watch management's expectation for combined net debt to EBITDA of around 2.5 times by FY27 and Evos' plan for 50% renewable energy usage by 2030 and 50% non-fossil fuels and chemicals by 2035.