Adani Ports to acquire 100% stake in Dutch firm Evos for $2.88 billion

Adani Ports and Special Economic Zone Limited (APSEZ) on Thursday announced that it would acquire a 100 per cent stake in Netherlands-headquartered Evos B.V. from Igneo Infrastructure Partners for an enterprise value of €2.56 billion ($2.88 billion), marking a major expansion of the company's international operations.

The proposed all-cash acquisition will give India's largest private port operator a substantial presence in Europe's liquid storage and energy infrastructure sector, with eight strategically located terminals across the Netherlands, Germany, Spain, Belgium and Malta.

According to the company, the transaction values Evos at an equity value of €1.18 billion and represents an acquisition multiple of 11.7 times its calendar year 2025 enterprise value-to-EBITDA.

The acquisition will be financed through debt and remains subject to regulatory approvals, other clearances and consultation with works councils.

The company said the transaction would strengthen its position as a globally diversified integrated transport operator while expanding its exposure to conventional fuels and emerging energy products.

𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻 𝗮𝗰𝗿𝗼𝘀𝘀 𝗘𝘂𝗿𝗼𝗽𝗲

Evos is Europe's second-largest independent liquid storage operator, with a combined storage capacity of 6.3 million cubic metres across eight port-based terminals.

Its facilities are located in major European energy and industrial centres, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.

The company operates 452 storage tanks and 63 vessel and barge berths, along with several integrated pipeline connections, including links to Schiphol Airport and the Central Europe Pipeline System.

During calendar year 2025, Evos handled 37 million metric tonnes of throughput, reflecting the scale of its operations in the European energy logistics market.

The terminals handle a range of petroleum and industrial products, including gasoline, gasoil, marine fuels and aviation fuel.

They also provide infrastructure for transition fuels such as sustainable aviation fuel, biofuels, methanol and bioethanol.

APSEZ said the acquisition would enable it to participate more extensively in Europe's evolving energy market while diversifying its international operations beyond conventional port handling.

𝗘𝘃𝗼𝘀 𝗿𝗲𝗽𝗼𝗿𝘁𝗲𝗱 𝟱𝟲% 𝗺𝗮𝗿𝗴𝗶𝗻

Evos reported revenue of €392 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of €219 million in calendar year 2025, translating into an EBITDA margin of 56 per cent.

According to APSEZ, the company's average commercial occupancy stood at 99 per cent, supported by long-standing customer relationships and contractual arrangements.

A substantial portion of Evos' revenue comes from take-or-pay agreements and contracts linked to consumer price inflation, providing greater predictability in cash flows.

Its customer base includes major global energy companies, industrial and chemical manufacturers, and commodity traders.

APSEZ said these arrangements would help strengthen the stability and geographical diversification of its earnings.

The company noted that Evos' EBITDA margin of 56 per cent was higher than the 44.8 per cent margin reported by APSEZ's international ports business during the first half of FY27.

The acquisition is expected to add a high-margin liquid storage business to the company's existing portfolio.

𝗞𝗮𝗿𝗮𝗻 𝗔𝗱𝗮𝗻𝗶 𝗼𝘂𝘁𝗹𝗶𝗻𝗲𝘀 𝗴𝗹𝗼𝗯𝗮𝗹 𝗮𝗺𝗯𝗶𝘁𝗶𝗼𝗻

Commenting on the acquisition, APSEZ Managing Director Karan Adani described Evos as an important milestone in the company's ambition to handle one billion tonnes of cargo and develop a globally integrated transport platform.

"We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs," he said.

Adani added that the company looked forward to strengthening its partnership with Europe, supporting the region's sustainable energy transition and creating long-term value while maintaining financial discipline.

The proposed acquisition is expected to expand APSEZ's global footprint to 28 ports and terminals across 10 countries.

The company has been strengthening its international operations through investments in port infrastructure and transshipment facilities, including the Colombo West International Terminal in Sri Lanka and its operations in Tanzania and Australia.

Its domestic expansion has also included the development of the Vizhinjam international transshipment port in Kerala.

𝗗𝗲𝗯𝘁 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝗳𝗼𝗿 𝗮𝗰𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻

APSEZ said the proposed transaction would be funded through debt, with MUFG acting as the sole underwriter and providing financing commitments of up to €2.8 billion.

The combined entity's pro forma net debt-to-EBITDA ratio is estimated at 2.76 times, based on APSEZ's FY26 financial performance and Evos' calendar year 2025 results.

The company expects the ratio to decline to approximately 2.5 times by FY27.

As of September 30, 2026, APSEZ had a cash balance of Rs 12,502 crore.

Its international ports portfolio recorded revenue of Rs 3,586 crore and EBITDA of Rs 1,608 crore during the first half of FY27, with cargo volumes rising to 47 million metric tonnes from 17 million metric tonnes in the corresponding period of the previous financial year.

The company attributed the growth to the expansion of operations at the Colombo West International Terminal, its Tanzania facilities and contributions from NQXT Australia.

Linklaters and Cyril Amarchand Mangaldas acted as international and domestic legal advisers, respectively, for the proposed acquisition.

𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹𝘀 𝗮𝘄𝗮𝗶𝘁𝗲𝗱

APSEZ said the regulatory approval process and works council consultations would begin immediately following the announcement.

The transaction will be completed after the necessary approvals and other conditions are satisfied.

The acquisition represents a significant step in the company's strategy to diversify its operations geographically and expand into energy-related logistics infrastructure.

By adding Evos' European storage network, APSEZ aims to strengthen its liquid cargo business while gaining access to established energy markets and emerging fuel supply chains.

The company said the proposed acquisition would support its longer-term objective of developing an integrated international transport and logistics platform with operations spanning ports, terminals and associated infrastructure.