Adani Ports and Special Economic Zone (APSEZ) will acquire Netherlands-based liquid storage operator Evos B.V. for 2.56 billion euros. This all-cash, debt-funded deal expands the Indian firm's presence into key European energy hubs. Investors are now tracking the impact of this large debt-funded acquisition on the company’s balance sheet.
Adani Ports and Special Economic Zone Limited (APSEZ) has entered into a definitive agreement to acquire 100 percent of Evos B.V., a major independent liquid storage operator headquartered in the Netherlands. The all-cash transaction values the company at an enterprise value of 2.56 billion euros. This acquisition marks a major push by the Indian infrastructure giant into the European market, positioning it at the center of critical energy hubs.
Evos B.V. operates eight terminals across five European countries, including the Netherlands, Germany, Spain, Belgium, and Malta. Its infrastructure handles liquid storage for a variety of energy products, managing a total capacity of 6.3 million cubic metres. In the 2025 calendar year, the company reported revenue of 392 million euros and an EBITDA of 219 million euros. The deal is valued at approximately 11.7 times the target company’s EBITDA, a metric often used by investors to determine if an acquisition price is reasonable compared to the earnings the business generates.
The acquisition is set to be funded entirely through debt, with MUFG underwriting up to 2.8 billion euros for the transaction. For investors, the funding structure is a key point to watch. APSEZ’s net debt-to-EBITDA ratio is expected to stand at 2.76 times following the acquisition, with plans to bring this down toward 2.5 times by the 2027 financial year. While the company maintains that this fits within its financial discipline, the significant increase in debt will be a factor for shareholders to monitor in upcoming quarterly reports.
From a strategic perspective, the move aligns with the company’s goal to expand its global logistics and storage network. The European liquid storage market is undergoing changes as the region transitions toward new energy sources, and APSEZ aims to leverage the established operational base of Evos to participate in this shift. However, the completion of the deal is not immediate. It remains subject to customary closing conditions, including necessary regulatory approvals and works council consultations in the Netherlands.
Moving forward, the primary monitorables for investors will be the successful integration of the European assets into the APSEZ portfolio and the company’s ability to manage the debt servicing requirements associated with the new funding. Market participants will also look for management commentary on how these European operations will contribute to overall profitability in the coming quarters.