BREAKING
Adani Ports acquires Dutch storage operator Evos for €2.56 billion
The all-cash transaction expands India's largest port operator into European liquid storage hubs across five countries.
Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to acquire a 100 per cent stake in Netherlands-based liquid storage operator Evos B.V. from Igneo Infrastructure Partners for an enterprise value of €2.56 billion in an all-cash deal.
The transaction values Evos at an equity value of €1.18 billion, representing an enterprise value-to-EBITDA multiple of 11.7 times estimated CY25 earnings, APSEZ said in an exchange filing on 5 November 2026. Japanese banking giant MUFG is serving as the sole underwriter and has committed financing of up to €2.8 billion to fund the purchase through debt.
Evos operates as Europe's second-largest independent liquid storage operator, managing a combined capacity of 6.3 million cubic metres across eight port terminals in the Netherlands, Germany, Spain, Belgium, and Malta. The company reported revenue of €392 million and EBITDA of €219 million for CY25, delivering an EBITDA margin of 56 per cent on total throughput of 37 million metric tonnes.
Key operational figures for Evos B.V.
| Metric | Figure |
|---|---|
| Enterprise value | €2.56 billion |
| Equity value | €1.18 billion |
| Implied EV/EBITDA multiple | 11.7x (CY25) |
| CY25 revenue | €392 million |
| CY25 EBITDA | €219 million |
| EBITDA margin | 56% |
| Storage capacity | 6.3 million cubic metres |
| Annual throughput (CY25) | 37 million metric tonnes |
| Operating terminals | 8 terminals in 5 countries |
| Total storage tanks | 452 tanks |
| Vessel and barge berths | 63 berths |
Why it matters
For APSEZ, the acquisition provides an immediate operating footprint inside Western Europe's most critical energy infrastructure networks. The company has set a strategic objective to handle 1 billion tonnes of global cargo, and acquiring liquid storage assets in key European hubs accelerates its expansion beyond India's coastline.
Financially, the deal adds steady foreign-currency revenue backed by take-or-pay commercial structures and consumer price index-linked contracts. This provides predictable cash flows to service the debt taken on for the acquisition while hedging APSEZ against domestic cargo volatility.
The acquisition also gives APSEZ exposure to Europe's ongoing energy transition. Evos handles traditional petroleum products alongside sustainable aviation fuel (SAF), biofuels, methanol, and bioethanol, positioning the combined entity to capture changing fuel supply chains across European trade corridors.
Strategic European terminal footprint
Evos operates infrastructure situated within key European trade pathways, including the Amsterdam-Rotterdam-Antwerp (ARA) refining hub, Hamburg, and strategic Mediterranean ports. Its terminal network includes 452 storage tanks and 63 vessel and barge berths.
In addition to waterborne access, Evos holds direct pipeline links connecting its facilities to major transport nodes, including Amsterdam Airport Schiphol and the Central Europe Pipeline System.
"Evos marks an important milestone in APSEZ's trajectory towards handling 1 billion tonne of cargo and building a truly global, integrated transport platform," Karan Adani, Managing Director of APSEZ, said in a statement. "We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs."
APSEZ noted in its disclosure that the target company operates long-term contracts with established commercial partners, ensuring stable operational capacity usage across its terminal network.
Debt structure and next steps
The entire €2.56 billion enterprise value transaction will be funded using debt financing, with MUFG committing up to €2.8 billion to underwrite the acquisition cost and associated transactional requirements.
The transaction remains subject to customary regulatory clearances across the relevant jurisdictions, alongside consultation processes with employee works councils in Europe. APSEZ has not disclosed an exact expected closing date for the acquisition.