APSEZ Makes $3.3 billion Play for Evos Terminals

The five-year-old Evos is owned by Igneo Infrastructure Partners, a global asset manager, which in turn is held by First Sentier Group. It has eight tank terminals with a total storage capacity of 6.4 million cbm at seven key European ports in five countries making it strategic for global port operators and owners of maritime infrastructure assets. In 2025, its ebitda was estimated at 200 million.

Its portfolio includes storage for motor fuels such as gasoline but also eco-friendly options such as bio-diesel, sustainable aviation turbine fuel, green naphtha, bio-ethanol, e-methanol and bio-marine fuels.

Earlier this year, Igneo had mandated Morgan Stanley to run a formal sale process that had seen keen interest from several global contenders including KKR, EQT and other financial sponsors and specialised PE buyout groups such as Macquarie, Goldman Sachs Alternatives and BlackRock as well as pension funds including CPP Investments and operators like LBC Tank Terminals Chane and Exolum, among others.

APSEZ submitted the binding offer earlier this week as part of the competitive auction process, said the people cited. A final decision is expected in the coming weeks. Amsterdam-headquartered Evos completed a euro 950 million debt raise through its financing arm Evos Finance BV in July, refinancing much of its existing debt facilities. The liquid storage operator structured the deal as a mix of private placements and bank debt, securing an investment-grade rating in the process. Chief executive officer Harry Deans had said then that the exercise would help the company execute its strategy more effectively, citing opportunities to grow the business with customers as the energy transition continues.

"Our strength is containers, so the first thing we look at is where opportunity is driven by containers," APSEZ CEO Ashwani Gupta said on an earnings call. "We are also considering liquid terminals because ports tomorrow maybe a gateway to energy transition."

Global Footprint

APSEZ operates 15 ports and terminals in India, with four international facilities in Israel, Tanzania, Sri Lanka and Australia. It handles more than 140 types of liquid cargo. Its domestic cargo-handling capacity stands at 653 million metric tonnes, according to the company's latest operational disclosures. The Adani Group's marine platform, Astro Offshore, has contracted with Oceaneering International to strengthen its deepwater engineering and offshore execution capabilities in Europe. This marks APSEZ's entry into specialised subsea operations in Europe, advancing its ambition to build one of the world's largest marine platforms in the world.

APSEZ, Evos and Igneo didn't respond to queries.

The Adani company's overseas acquisition strategy is centred on identifying the right cargo mix and assessing an asset's potential returns before committing capital.

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