Adani Ports to acquire European liquid storage operator Evos for €2.56 billion

Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire a 100% stake in Netherlands-based Evos B.V., Europe's second-largest independent liquid storage operator, from Igneo Infrastructure Partners in an all-cash transaction valued at an enterprise value of €2.56 billion.

The acquisition will give India's largest port operator a substantial presence in Europe's energy and industrial infrastructure market, adding eight port-based terminals across five countries. Following the transaction, APSEZ's global network will expand to 28 ports and terminals in 10 countries.

The deal values Evos at an equity value of €1.18 billion, implying an acquisition multiple of 11.7 times its calendar year 2025 enterprise value to EBITDA (EV/EBITDA).

Evos reported revenue of €392 million and EBITDA of €219 million in 2025, translating into an EBITDA margin of 56%. The transaction will be funded through debt and remains subject to regulatory and other approvals, as well as works council consultation.

Evos brings eight terminals across five European countries

Headquartered in the Netherlands, Evos operates eight strategically located port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta. Its facilities have a combined storage capacity of 6.3 million cubic metres and handled 37 million metric tonnes (MMT) of throughput during 2025.

The terminals are positioned in some of Europe's most important energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean.

The platform comprises 452 tanks, 63 vessel and barge berths, and several integrated pipeline connections, including links to Schiphol Airport and the Central Europe Pipeline System.

Evos' average commercial occupancy stands at 99%. A substantial portion of its revenue is supported by take-or-pay contracts and consumer price index (CPI)-linked agreements, providing predictable cash flows. The company also has a diversified roster of Tier-1 customers, including global energy majors, leading industrial and chemical companies, and commodity traders. Evos is an investment-grade-rated issuer.

Acquisition strengthens exposure to energy transition

Evos operates a diversified liquid storage business covering both conventional and transition fuels. Its product portfolio includes gasoline, gasoil, marine fuels and jet fuel, alongside sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.

The acquisition will give APSEZ greater exposure to Europe's evolving energy mix and the long-term transition towards newer fuels. The company said the deal would strengthen its business risk profile by increasing the scale, geographical diversity and cash flow of its combined platform.

The addition of Evos is also expected to improve the quality and resilience of APSEZ's earnings through high-margin, predictable hard-currency revenues supported by long-term customer relationships, take-or-pay arrangements and CPI-linked contracts.

Evos' 56% EBITDA margin is higher than APSEZ's international ports EBITDA margin of 44.8% in the first half of FY27, highlighting the potential margin-accretive nature of the acquisition.

Karan Adani calls deal a milestone in global expansion

APSEZ managing director Karan Adani described the acquisition as an important step towards the company's ambition of handling one billion tonnes of cargo and building 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.

"We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth," he said.

The company said the acquisition would establish a sizeable European liquids platform and strengthen its position in international energy and industrial hubs.

Debt funding and financial position

The proposed transaction will be financed through debt. MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion for the acquisition.

Based on APSEZ's financials for FY26 and Evos' calendar year 2025 figures, the combined entity's pro forma net debt-to-EBITDA ratio is estimated at 2.76 times. The company expects this ratio to decline to around 2.5 times by FY27.

As of September 30, 2026, APSEZ had a cash balance of ₹12,502 crore. Its international ports business recorded revenue of ₹3,586 crore and EBITDA of ₹1,608 crore, with the EBITDA margin reaching 44.8% in the first half of FY27. Volumes increased to 47 MMT from 17 MMT in the corresponding period of the previous financial year.

The company attributed the growth to the continued ramp-up of the Colombo West International Terminal and its Tanzania operations, along with contributions from NQXT Australia.

Linklaters and Cyril Amarchand Mangaldas have acted as international and domestic legal counsel, respectively, for APSEZ.

The proposed acquisition marks another step in APSEZ's international expansion strategy, adding a substantial European storage network and diversifying its portfolio beyond conventional port operations.