Adani Ports Acquires European Operator Evos for €2.56 Billion

Adani Ports and Special Economic Zone (APSEZ) agreed to acquire Netherlands-based Evos B.V. from Igneo Infrastructure Partners. The transaction, entirely in cash, involves the purchase of 100% of the company for an enterprise value of €2.56 billion, equivalent to between $2.86 billion and $2.88 billion according to the various media outlets citing the figure.

Evos is the second-largest independent liquid storage operator in Europe, with 6.3 million cubic meters of capacity spread across eight port terminals located in Amsterdam East, Amsterdam West, Rotterdam and Terneuzen in the Netherlands, Ghent in Belgium, Hamburg in Germany, Algeciras in Spain and Malta. The platform has 452 tanks and 63 berths for vessels and barges, as well as pipeline connections to Schiphol Airport and the Central Europe Pipeline System. Among the products it handles are gasoline, gasoil, marine fuels and jet fuel, along with transition fuels such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.

The value of Evos' equity stake is €1.18 billion, implying a multiple of 11.7 times CY25 EBITDA. In that period, the company reported revenue of €392 million and EBITDA of €219 million, with a 56% margin, and handled 37 million metric tons of throughput. According to Port Technology, average commercial occupancy reaches 99%, with a significant portion of revenue under take-or-pay contracts and a contractual base linked to CPI. The deal will be financed with debt, with MUFG as sole underwriter and financing commitments of up to €2.8 billion, and remains subject to regulatory approvals and consultation with the works council.

With this acquisition, APSEZ will operate 28 ports and terminals across 10 countries, and Evos will give Adani its first foothold in European ports, as its international portfolio had until now been limited to operations in Israel, Tanzania, Sri Lanka and Australia. Karan Adani, managing director of APSEZ, described the deal as an important milestone on the company's path toward handling 1 billion tons of cargo and building an integrated, global transportation platform. According to Maritime Executive, Adani had been linked to the initial rounds of bidding for Associated British Ports, but was not named a finalist; ABP was sold two weeks earlier to an Australia-based fund manager.

At the close of the second quarter of fiscal year 2027, on September 30, 2026, APSEZ had a cash balance of 12,502 crore rupees, about $1.32 billion. In the first half of fiscal year 2027, its International Ports portfolio posted record revenue of 3,586 crore rupees and EBITDA of 1,608 crore rupees, with volumes rising to 47 million metric tons from 17 million metric tons in the same period of the previous year, driven by the expansion of the Colombo West International Terminal and operations in Tanzania, along with a contribution from NQXT in Australia.