Adani Ports to acquire Dutch liquids storage operator Evos for EUR 2.56bn
India's largest port operator is taking Europe's second-largest independent liquid storage platform, spanning eight terminals across five EU countries.
Adani Ports and Special Economic Zone Ltd (APSEZ) agreed to acquire 100% of Evos B.V. from Igneo Infrastructure Partners in an all-cash deal at an enterprise value of EUR 2.56 billion and an equity value of EUR 1.18 billion, according to the company's 5 November 2026 release. The multiple equates to about 11.7x calendar-year 2025 EV/EBITDA.
Reuters coverage via Business Standard confirmed the terms and that Evos delivered CY25 revenue of EUR 392 million and EBITDA of EUR 219 million (56% margin). Closing remains subject to regulatory approvals and works council consultation; APSEZ said MUFG underwrote financing commitments of up to EUR 2.8 billion.
Europe's second-largest independent liquids platform
According to the APSEZ announcement, Evos is headquartered in the Netherlands and operates 6.3 million cubic metres of storage across eight port terminals in the Netherlands, Germany, Spain, Belgium and Malta. The network sits in the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and Mediterranean hubs. The company reported 37 million metric tonnes of throughput in CY25, with average commercial occupancy of about 99%.
The platform comprises 452 tanks and 63 vessel and barge berths, with pipeline links that include Schiphol Airport and the Central Europe Pipeline System. Product mix spans gasoline, gasoil, marine fuels and jet fuel, plus transition fuels such as sustainable aviation fuel, biofuels, methanol and bioethanol. APSEZ described Evos as an investment-grade rated issuer with a Tier-1 customer base of energy majors, industrial and chemical companies, and commodity traders.
Deal structure and funding
The proposed transaction is all-cash. APSEZ said a substantial part of Evos revenue sits under take-or-pay contracts with a CPI-linked contract base, which underpins cash-flow visibility. Pro forma net debt-to-EBITDA for the combined entity was put at 2.76x on APSEZ FY26 and Evos CY25 figures, expected to be around 2.5x by FY27. The deal will be funded via debt. Linklaters and Cyril Amarchand Mangaldas acted as international and domestic counsel for APSEZ.
Managing director Karan Adani said Evos gives APSEZ "significant presence across key global liquid storage and energy hubs" and framed the deal as support for Europe's energy transition while keeping financial prudence, according to the company release.
Why the ARA and Mediterranean footprint matters
Independent liquid storage is scarce, contracted infrastructure. Evos' 56% EBITDA margin sits above APSEZ's reported H1 FY27 international ports margin of 44.8%, which the buyer flagged as margin-accretive. On completion, APSEZ said its global footprint expands to 28 ports and terminals across 10 countries.
The Hindu and other Reuters-wire outlets repeated the same primary numbers: EUR 2.56bn enterprise value, EUR 1.18bn equity value, eight terminals and five countries. No competing bidder was named in the company materials reviewed for this article.
Why it matters for European founders and investors
For European energy-infra and logistics founders, the deal is a reminder that large Asian strategic buyers will pay for contracted, hard-currency cash flows in the ARA and Mediterranean corridor. Storage, pipelines and berth access are becoming as contested as generation assets as fuels shift toward SAF, methanol and biofuels.
It also sits beside other European infra financing stories on this site, including Return's EUR 835m German battery portfolio financing and Green Voltis' EUR 13.5m Series A for AI battery trading. Ownership of midstream liquids capacity can change offtake, credit and exit dynamics for startups selling into ports, bunkering and fuel-switching.
What happens next
APSEZ said regulatory approval processes and works council consultation would start immediately. Until those clear, Evos remains under Igneo ownership. Investors should watch antitrust and foreign-investment reviews across the five terminal countries, and any updates on the EUR 2.8bn debt package underwritten by MUFG.
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