Adani Ports and Special Economic Zone (APSEZ) on Thursday announced it will acquire Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, in an all-cash deal valued at 2.56 billion euros, or about Rs 27,217 crore. The agreement, signed on November 5, 2026, marks the Indian port operator’s biggest move yet into the European energy infrastructure market.
The deal gives Adani Ports a ready-made liquids platform in some of Europe’s busiest energy hubs. Evos runs eight port-based terminals across five countries, and the acquisition will take APSEZ’s global footprint to 28 ports and terminals across 10 countries.
What Adani Ports is buying
APSEZ will buy a 100 per cent stake in Evos from Igneo Infrastructure Partners, which was selected as the seller after a competitive bidding process. The enterprise value of 2.56 billion euros translates into an equity value of 1.18 billion euros after accounting for net debt and debt-like items of 1.37 billion euros, including shareholder debt of 289 million euros.
The price works out to 11.7 times Evos’s calendar year 2025 earnings before interest, tax, depreciation and amortisation (EBITDA), and 11.4 times its estimated 2026 EBITDA. Evos reported revenue of 392 million euros and EBITDA of 219 million euros in calendar year 2025, a margin of 56 per cent. Its income has grown steadily, from 323 million euros in 2023 to 367 million euros in 2024.
The physical scale of the business is considerable. Evos has total storage capacity of 6.3 million cubic metres, handled 37 million metric tonnes of throughput in 2025, operates 452 storage tanks and has 63 vessel and barge berths. Its terminals sit at seven strategic ports: Amsterdam East, Amsterdam West, Rotterdam and Terneuzen in the Netherlands, Ghent in Belgium, Hamburg in Germany, Algeciras in Spain and Malta.
Why Evos is an attractive asset
Evos stores a diversified mix of conventional and transition fuels. Its tanks hold gasoline, gasoil, marine fuels and jet fuel, alongside sustainable aviation fuel, biofuels, methanol and bioethanol. That mix puts it at the centre of Europe’s shift towards cleaner fuels, not just its traditional oil trade.
The business model is built for predictability. Average commercial occupancy stands at 99 per cent, a large share of revenue comes through take-or-pay contracts and consumer price index-linked arrangements, and the customer base spans global energy majors, industrial and chemical companies and commodity traders.
For Adani Ports, the deal also lifts its liquids cargo volumes sharply, from 46 million metric tonnes to 83 million metric tonnes, based on APSEZ’s financial year 2026 volumes and Evos’s 2025 volumes. The company said Evos would add high-margin, predictable hard-currency cash flows. Its 56 per cent EBITDA margin is higher than the 44.8 per cent margin APSEZ’s international ports business reported in the first half of financial year 2027.
How the deal will be funded
The acquisition will be funded entirely through debt. MUFG is the sole underwriter and has provided financing commitments of up to 2.8 billion euros for the transaction. APSEZ had a cash balance of Rs 12,502 crore as of September 30, 2026.
Based on APSEZ’s financial year 2026 and Evos’s calendar year 2025 financials, the combined company’s pro forma net debt-to-EBITDA ratio will stand at 2.76 times, and is expected to ease to around 2.5 times by financial year 2027.
Completion is expected within 15 months from November 5, 2026, subject to government and regulatory approvals in India and the relevant foreign jurisdictions, along with works council consultation in Europe.
What it means for Adani Ports’ global push
The Evos deal extends a rapid international expansion for India’s largest port operator. Its international ports business reported record revenue of Rs 3,586 crore and EBITDA of Rs 1,608 crore in the first half of financial year 2027, with volumes rising to 47 million metric tonnes from 17 million metric tonnes a year earlier, led by the ramp-up of the Colombo West International Terminal, Tanzania operations and the contribution from NQXT in Australia.
The acquisition also plants APSEZ firmly in the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean, some of Europe’s most important energy and industrial corridors.
Shares of Adani Ports ended at Rs 1,897 on the BSE on Thursday, down Rs 10.10, or 0.53 per cent, on a day the broader market surged. The Evos purchase gives the company’s global growth story its largest European chapter so far.
FAQs
How much is Adani Ports paying for Evos?
The all-cash deal values Evos at an enterprise value of 2.56 billion euros, about Rs 27,217 crore, with an equity value of 1.18 billion euros.
Who is selling Evos B.V.?
Igneo Infrastructure Partners is selling its 100 per cent stake in Evos to Adani Ports after a competitive bidding process.
When will the Adani Ports-Evos deal close?
Completion is expected within 15 months from November 5, 2026, subject to regulatory approvals in India and Europe and works council consultation.
What does Evos store at its terminals?
Evos stores gasoline, gasoil, marine fuels and jet fuel, along with sustainable aviation fuel, biofuels, methanol and bioethanol, across eight terminals in five countries.
How big is Evos’s storage network?
Evos has 6.3 million cubic metres of storage capacity, 452 tanks and 63 berths, and handled 37 million metric tonnes of throughput in calendar year 2025.
Adani Ports’ European bet is now its largest overseas deal by value, and its success will be judged on how the high-margin terminals perform once they join the group’s global network.
