Adani Ports buys Europe's Evos in €2.56bn deal

What the deal is

Adani Ports and Special Economic Zone (APSEZ) has agreed to buy 100% of Evos B.V., a Netherlands-headquartered liquid storage operator, from Igneo Infrastructure Partners. The company announced the agreement on 5 November 2026. It is an all-cash deal at an enterprise value of €2.56 billion, with the equity value put at €1.18 billion. The price works out to 11.7 times Evos's 2025 earnings before interest, tax, depreciation and amortisation (EBITDA) of €219 million. The deal was won through a competitive bidding process, the company said.

What Evos brings

Evos is Europe's second-largest independent liquid storage operator. It runs eight port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta, with combined storage capacity of 6.3 million cubic metres. Its terminals sit in key energy hubs including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. In calendar year 2025, Evos reported revenue of €392 million and EBITDA of €219 million, a margin of 56%. It handled 37 million tonnes of throughput, and its average commercial occupancy was 99%. Its tanks store petrol, diesel, marine fuels and jet fuel, alongside transition fuels such as sustainable aviation fuel, biofuels, methanol and bioethanol.

What changes for Adani Ports

The deal takes APSEZ's global footprint from 20 to 28 ports and terminals across 10 countries, and gives it its first major position in European liquid storage. Evos's 56% margin sits above the 44.8% margin APSEZ's international ports business reported in the first half of FY27. It also adds euro-denominated revenue.

How it is being paid for

The transaction will be funded through debt. MUFG is the sole underwriter and has committed financing of up to €2.8 billion. On a pro forma basis, the combined company's net debt to EBITDA stands at 2.76 times, which the company expects to bring down to around 2.5 times by FY27. Linklaters and Cyril Amarchand Mangaldas are acting as legal counsel.

What happens next

Regulatory approval processes and works council consultations begin immediately. The company has given an indicative completion timeline of 15 months, which points to around February 2028. Until approvals come through, the deal is not final, and the equity value remains subject to closing adjustments. Watch for clearance decisions in the European jurisdictions involved and for any update from the company on the timetable.

This story is informational only and is not financial advice.

📷 Photo credit: Alf van Beem, Wikimedia Commons (CC0 1.0)