Adani Ports Evos Deal: €2.56bn for 8 Terminals

Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, in a €2.56 billion enterprise-value transaction. The acquisition will establish a presence for the Indian port operator across five European countries and expand its exposure to international energy storage infrastructure.

Announced on 5 November 2026, the proposed all-cash transaction involves the acquisition of a 100% stake in Evos from Igneo Infrastructure Partners. The deal values Evos’ equity at €1.18 billion and represents an enterprise value-to-EBITDA multiple of 11.7 times based on its 2025 financial performance.

APSEZ said the acquisition would be financed through debt and remains subject to regulatory and other approvals, as well as works council consultation.

Evos acquisition adds 6.3 million cubic metres of storage capacity

Evos operates eight port-based liquid storage terminals across the Netherlands, Germany, Spain, Belgium and Malta. Its infrastructure provides access to several important European energy and industrial centres, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean.

The company has a total storage capacity of 6.3 million cubic metres and handled 37 million metric tonnes (MMT) of throughput during calendar year 2025.

Its operating infrastructure includes 452 storage tanks, 63 vessel and barge berths, and integrated pipeline connections. These include connections serving Schiphol Airport and the Central Europe Pipeline System.

The acquisition will extend APSEZ’s international network to 28 ports and terminals across 10 countries, according to the company.

Evos generated €219 million EBITDA in 2025

Evos reported revenue of €392 million and EBITDA of €219 million for calendar year 2025, delivering an EBITDA margin of 56%, APSEZ said.

The storage operator also reported average commercial occupancy of 99%. A substantial proportion of its revenue is supported by take-or-pay agreements and contracts linked to the Consumer Price Index (CPI).

These contractual arrangements provide greater visibility over revenue and cash flows by linking storage income to customer commitments and, in some cases, inflation-linked pricing.

APSEZ said the acquisition would add a high-margin liquid storage business to its portfolio while increasing the scale and geographic diversification of its operations.

The transaction’s 11.7-times CY25 EV/EBITDA valuation reflects the financial terms disclosed by APSEZ.

European fuel storage network provides exposure to energy transition

Evos handles a diversified range of liquid products covering conventional fuels and emerging energy products.

Its portfolio includes gasoline, gasoil, marine fuels and jet fuel, alongside sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.

This product mix provides exposure to different segments of Europe’s energy market, including fuels associated with efforts to reduce emissions in aviation, transport and industrial operations.

For APSEZ, the acquisition adds infrastructure serving established fuel markets while creating a presence in storage facilities handling alternative and transition fuels.

The locations of Evos’ terminals in major European port and industrial hubs also provide access to energy companies, chemical manufacturers and commodity traders.

Adani Ports expands its international logistics strategy

APSEZ Managing Director Karan Adani said the acquisition would strengthen the company’s presence in important global liquid storage and energy hubs.

He added that the transaction represented a milestone in APSEZ’s ambition to build a globally integrated transport platform and progress towards handling one billion tonnes of cargo.

The company said Evos would increase the scale of its liquids business and diversify its international earnings through exposure to European infrastructure and hard-currency cash flows.

The acquisition also adds to APSEZ’s broader international expansion strategy, which involves developing port operations and integrated logistics capabilities across multiple markets.

Debt financing and regulatory approvals remain key milestones

The proposed acquisition will be funded through debt, making the transaction’s financing structure an important consideration as APSEZ expands its international portfolio.

According to the company, pro forma net debt-to-EBITDA for the combined business stands at 2.76 times, based on APSEZ’s FY2026 and Evos’ CY2025 financial figures. APSEZ expects this ratio to be approximately 2.5 times by FY2027.

MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion for the proposed transaction.

Completion remains dependent on regulatory approvals, other required clearances and works council consultation.

The next important developments will therefore include the progress of the approval process and the completion of the acquisition.

For the European liquid storage sector, the transaction introduces a major Indian port operator into an established network of energy and industrial terminals. For APSEZ, it represents a significant step towards building a more geographically diversified international transport and energy infrastructure business.

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