Adani Ports agrees €2.56 billion Evos acquisition to expand European liquid storage footprint

Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire Netherlands-headquartered Evos B.V. from Igneo Infrastructure Partners in an all-cash transaction valued at €2.56 billion. Announced on 5 November 2026, the proposed acquisition would give the Indian port operator control of Europe’s second-largest independent liquid storage business, extending its presence across major energy and industrial hubs.

What assets will Adani Ports acquire?

Evos operates eight port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta, with combined storage capacity of 6.3 million cubic metres. Its network includes 452 tanks and 63 vessel and barge berths, supported by pipeline connections to Schiphol Airport and the Central Europe Pipeline System.

The business handled 37 million tonnes of throughput in calendar year 2025. Its locations cover the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean, providing access to established European fuel distribution networks.

Evos handles gasoline, gasoil, marine fuels and jet fuel, alongside sustainable aviation fuel, biofuels, methanol and bioethanol. The acquisition would therefore expand APSEZ’s exposure to both conventional petroleum products and fuels associated with the energy transition.

How will the acquisition be financed?

The transaction assigns Evos an equity value of approximately €1.18 billion, with the enterprise valuation also accounting for net debt and debt-like items. The purchase price represents 11.7 times Evos’ 2025 earnings before interest, tax, depreciation and amortisation (EBITDA).

APSEZ plans to finance the acquisition through debt. MUFG, the sole underwriter, has provided financing commitments of up to €2.8 billion.

Evos generated revenue of €392 million and EBITDA of €219 million in 2025, representing an EBITDA margin of approximately 56%. On the figures presented for the transaction, the acquisition would expand APSEZ’s global network to 28 ports and terminals across 10 countries.

What is Adani’s operating strategy for Evos?

During an investor call, APSEZ whole-time director and chief executive officer Ashwani Gupta indicated that the initial priority would be to generate more value from existing facilities through fuel handling and related services.

Gupta identified blending and other storage-related services as important parts of the business. He said additional land was available for expansion, but management would first concentrate on improving returns from the existing asset base and developing its role in handling transition fuels.

The company’s head of mergers and acquisitions, Chirag Vakharia, explained that most terminals operate on land leased from port authorities, while one has freehold land. Some leases extend as far as 2092.

Management also described a commercial model in which customer commitments support capacity investment. Gupta said APSEZ would work with Evos’ leadership on a detailed business plan, with further information to be shared around completion. These priorities indicate that the immediate operating focus would be on existing facilities and customer services, with expansion assessed subsequently.

When could the transaction be completed?

Completion is expected within 15 months of the agreement dated 5 November 2026. The acquisition remains subject to government and regulatory approvals in India and relevant overseas jurisdictions, as well as works council consultation.

The equity consideration is also subject to closing adjustments. The announcement therefore represents an agreement to acquire Evos, with ownership transfer dependent on the outstanding transaction requirements.