Adani Ports to Acquire European Storage Giant Evos for €2.56 Billion
Adani Ports and Special Economic Zone Limited has agreed to acquire a 100 per cent stake in Netherlands-headquartered liquid storage company Evos B.V. for an enterprise value of 2.56 billion euros. India's largest commercial port operator disclosed on Thursday that it entered into an all-cash agreement to purchase Europe's second-largest independent liquid storage operator from Igneo Infrastructure Partners.
The cross-border acquisition values Evos at an equity value of 1.18 billion euros, representing an acquisition multiple of 11.7 times its estimated calendar year 2025 enterprise value to EBITDA. APSEZ stated in a regulatory filing that the transaction will be funded through external debt and remains subject to statutory regulatory clearances alongside formal works council consultations. Following the acquisition agreement announced on November 5, 2026, APSEZ disclosed that regulatory approval processes and works council consultation procedures will commence immediately, according to Adani Ports and Special Economic Zone Limited. MUFG is acting as the sole underwriter and has provided financing commitments for up to €2.8 billion for APSEZ's proposed acquisition of Evos B.V, according to Adani Ports and Special Economic Zone Limited.
Terminal Network and Operational Footprint
Evos operates an extensive maritime storage network totaling 6.3 million cubic metres of capacity across eight deepwater port terminals located in five European nations. Its operational hubs span strategic commercial waterways in the Netherlands, Germany, Spain, Belgium, and Malta, providing key storage infrastructure for industrial chemicals, refined fuels, and liquid energy commodities. The underlying infrastructure comprises 452 storage tanks and 63 jetty berths, with direct pipeline connectivity to the Central Europe Pipeline System.
During the calendar year 2025, the European storage network processed 37 million metric tonnes of cargo throughput. The acquisition establishes an immediate operational foothold for the Indian conglomerate in prime European shipping gateways, expanding its presence beyond domestic maritime terminals.
Financial Performance and Operating Margins
Evos generated revenue of 392 million euros and earnings before interest, taxes, depreciation, and amortization of 219 million euros in calendar year 2025. The business operates with high profitability, delivering an EBITDA margin of 56 per cent supported by long-term take-or-pay storage contracts with global energy conglomerates.
Karan Adani, Managing Director of APSEZ, stated that welcoming Evos into the corporate portfolio delivers a substantial operating presence across key global liquid storage and energy hubs. He noted that the transaction marks a major milestone toward the port operator's long-term corporate objective of handling 1 billion tonnes of commercial cargo annually. The acquisition of Evos B.V. expands APSEZ's global footprint to 28 ports and terminals across 10 countries, according to Adani Ports and Special Economic Zone Limited.
Strategic Expansion Across Global Supply Chains
The deal represents one of APSEZ's largest overseas capital deployments, valued at approximately Rs 27,200 crore in domestic currency terms. The overseas expansion aligns with the Indian port operator's broader corporate strategy to evolve from a national terminal manager into a globally integrated logistics and supply chain enterprise.
The port conglomerate plans to leverage the newly acquired European tank network to support cross-border trade flows connecting energy exporters in the Middle East with continental industrial refiners.
Background
APSEZ expanded its international ports portfolio volumes to 47 MMT in H1 FY27 from 17 MMT in H1 FY26, driven by the operational ramp-up of Colombo West International Terminal and Tanzania alongside contributions from NQXT Australia, according to Adani Ports and Special Economic Zone Limited.