Adani Ports agrees to acquire Evos in major European expansion
Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire Netherlands-based liquid storage operator Evos B.V. from Igneo Infrastructure Partners, marking a significant expansion of the Indian port group’s international operations and establishing a major presence in Europe’s energy and liquid bulk infrastructure market.
The agreement, announced on 5 November 2026, covers 100% of Evos in an all-cash transaction with an enterprise value of €2.56 billion and an equity value of approximately €1.18 billion. The acquisition is expected to strengthen APSEZ’s position in international port and terminal operations while diversifying its business into European liquid storage and energy logistics.
The transaction remains subject to regulatory and other approvals, together with the required works council consultation process. APSEZ plans to finance the acquisition through debt, with MUFG acting as sole underwriter and providing financing commitments of up to €2.8 billion.
Eight terminals across five European countries
Evos operates eight port-based liquid storage terminals in the Netherlands, Germany, Spain, Belgium and Malta, providing a combined storage capacity of 6.3 million cubic metres.
Its infrastructure includes 452 storage tanks and 63 vessel and barge berths, with facilities located in major European energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.
The network also benefits from integrated pipeline connections, including links serving Amsterdam Schiphol Airport and the Central Europe Pipeline System. These connections support the distribution of petroleum products, aviation fuels and other liquid commodities across European markets.
Evos handled approximately 37 million tonnes of cargo in 2025, with its operations covering gasoline, gasoil, marine fuels and jet fuel, alongside products associated with the energy transition, including sustainable aviation fuel, biofuels, methanol and bioethanol.
The acquisition would provide APSEZ with an established European liquid storage platform and direct exposure to energy supply chains serving industrial customers, commodity traders and international fuel markets.
Financial performance and acquisition structure
Evos generated revenue of €392 million and EBITDA of €219 million in 2025, representing an EBITDA margin of approximately 56%.
The agreed enterprise valuation implies an acquisition multiple of 11.7 times Evos’ calendar 2025 EBITDA.
The business maintains an average commercial occupancy rate of 99%, supported by long-term customer relationships and a substantial proportion of revenue generated through take-or-pay and inflation-linked contracts.
These arrangements provide visibility over future revenue and cash flows, an important consideration as APSEZ seeks to diversify its international earnings.
Evos’ reported EBITDA margin also compares favourably with the 44.8% margin recorded by APSEZ’s International Ports business during the first half of fiscal year 2026–2027.
Following the proposed transaction, the combined group’s pro forma net debt-to-EBITDA ratio is estimated at 2.76 times, with APSEZ expecting the figure to decline to approximately 2.5 times by the end of FY27.
APSEZ targets a broader global logistics platform
The acquisition forms part of APSEZ’s strategy to expand beyond its established Indian port operations and develop a more geographically diversified transport and logistics platform.
The company has already expanded its international presence through investments in port infrastructure and terminal operations in markets including Sri Lanka, Tanzania, Israel and Australia.
Its International Ports portfolio generated revenue of INR 3,586 crore and EBITDA of INR 1,608 crore in the first half of FY27, with cargo volumes increasing to 47 million tonnes from 17 million tonnes in the corresponding period a year earlier.
Growth was supported by the expansion of operations at Colombo West International Terminal, activities in Tanzania and the contribution of NQXT in Australia.
The proposed Evos acquisition would broaden that portfolio beyond conventional port cargo handling, providing exposure to European energy logistics infrastructure and the storage and distribution of both established and alternative fuels.
“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform,” said Karan Adani, Managing Director of APSEZ.
The company expects the acquisition to strengthen its earnings diversification through exposure to European liquid storage infrastructure and long-term commercial contracts.
Upon completion, APSEZ’s international network would extend to 28 ports and terminals across 10 countries, according to the company’s announcement.
The proposed transaction represents a significant step in the group’s international expansion, although the transfer of ownership remains dependent on the necessary approvals and completion requirements.
