Adani Ports and Special Economic Zone Ltd (APSEZ) is set to acquire a 100 percent stake in Netherlands-based liquid storage operator Evos B.V. from Igneo Infrastructure Partners for an enterprise value of $2.88 billion (around Rs 27,200 crore).

The proposed all-cash transaction values Evos at an equity value of 1.18 billion euros or Rs 12,551 crore, implying an acquisition multiple of 11.7 times its CY25 enterprise value to EBITDA (EV/EBITDA).

Evos reported revenue of around Rs 4,168 crore and EBITDA of around Rs 2,329 crore in CY25, translating into an EBITDA margin of 56 percent.

The acquisition will be funded through debt and is subject to regulatory and other approvals, as well as works council consultation, APSEZ said in an exchange filing.

"Evos marks an important milestone in APSEZ's trajectory towards handling 1 billion tonnes of cargo and building a truly global, integrated transport platform. We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs," said Karan Adani, Managing Director of APSEZ.

He said the company looked forward to partnering with Europe, supporting its sustainable energy transition and creating long-term value while maintaining the financial prudence that underpins its growth.

Evos is Europe's second-largest independent liquid storage operator, with a storage capacity of 6.3 million cubic metres across eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta.

Its terminals are located in some of Europe's key energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean.

APSEZ said Evos was a strategic fit with its ambition to build a globally diversified integrated transport platform.

The acquisition will establish a sizeable presence for APSEZ in Europe, expand and diversify its liquid storage business and provide exposure to the long-term transition towards new-age fuels, it said.

The company added that Evos would bring high-margin and predictable foreign currency cash flows, supported by take-or-pay revenues and consumer price index (CPI)-linked contracts, strengthening the quality, resilience and geographical diversification of its earnings.

Shares of the company settled lower at Rs 1,884 per share on the NSE, down 1.33 percent.