Adani Ports acquires Europe's Evos for €2.56 billion in global expansion push
Synopsis
India's largest ports operator has just made its biggest European bet: APSEZ is buying Evos B.V. — Europe's second-largest independent liquid storage operator — for €2.56 billion, gaining 6.3 million cubic metres of storage across eight terminals in the Netherlands, Germany, Spain, Belgium, and Malta. It is a direct play on Europe's energy reconfiguration and APSEZ's stated goal of handling one billion tonnes of cargo globally.
Key Takeaways
APSEZ announced the acquisition of Evos B.V. from Igneo Infrastructure Partners on 5 November 2026 in an all-cash deal.
The enterprise value of the deal is €2.56 billion , with an equity value of €1.18 billion and a multiple of 11.7x CY25 EV/EBITDA .
Evos operates 6.3 million cubic metres of storage across eight port terminals in the Netherlands, Germany, Spain, Belgium, and Malta .
Evos reported CY25 revenue of €392 million and EBITDA of €219 million , with a margin of 56 per cent .
Post-acquisition net debt-to-EBITDA is projected at 2.76 times , expected to ease to ~2.5 times by FY27 .
The deal is subject to regulatory approvals and works council consultation across European jurisdictions.
Adani Ports and Special Economic Zone Limited (APSEZ) on Thursday, 5 November 2026, announced the acquisition of Netherlands-based Evos B.V., Europe's second-largest independent liquid storage operator, in an all-cash deal valued at an enterprise value of €2.56 billion. The transaction marks one of the largest overseas acquisitions by an Indian ports operator and signals a decisive step in APSEZ's ambition to build a global integrated transport platform.
Deal Structure and Valuation
Under the agreement, APSEZ will acquire a 100 per cent stake in Evos from Igneo Infrastructure Partners. The deal implies an equity value of €1.18 billion and an acquisition multiple of 11.7 times CY25 EV/EBITDA. The transaction will be funded through debt and remains subject to regulatory approvals and works council consultation.
For calendar year 2025, Evos reported revenue of €392 million and EBITDA of €219 million, translating into a robust EBITDA margin of 56 per cent. Following the acquisition, the combined entity's pro forma net debt-to-EBITDA ratio is expected to stand at 2.76 times, declining to around 2.5 times by FY27.
What Evos Brings to the Table
Headquartered in the Netherlands, Evos operates 6.3 million cubic metres of storage capacity across eight strategically located port-based terminals spanning the Netherlands, Germany, Spain, Belgium, and Malta. Its footprint covers some of Europe's most critical energy and industrial corridors, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg, and the Mediterranean — hubs that handle a significant share of Europe's liquid bulk and energy imports.
Notably, the ARA corridor alone accounts for a large portion of Europe's refined petroleum and chemical throughput, making Evos a strategically prized asset at a time when the continent is reconfiguring its energy supply chains in the wake of geopolitical shifts.
What Karan Adani Said
Karan Adani, Managing Director of APSEZ, described the deal as a landmark moment in the company's growth trajectory. 'Evos marks an important milestone in APSEZ's trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform. We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs,' he said.
Adani further added: 'We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth.'
Strategic Context and What It Means for APSEZ
This acquisition comes amid a broader push by Indian conglomerates to internationalise their infrastructure footprints. APSEZ, already India's largest ports operator, has been expanding beyond domestic shores — it operates terminals in Sri Lanka, Israel, and Tanzania, among others. The Evos deal, however, is its most significant European bet to date.
Critics and market analysts will closely watch the debt-funding structure, given that the Adani Group has faced scrutiny over leverage levels in recent years. The projected decline in net debt-to-EBITDA from 2.76 times to approximately 2.5 times by FY27 will be a key metric investors track as the transaction closes.
The deal is expected to close after regulatory approvals across multiple European jurisdictions, with the timeline contingent on competition authority clearances in the EU.
Point of View
And liquid storage capacity in the ARA region and Mediterranean is commanding a premium. What bears watching is the debt structure — funding a €2.56 billion acquisition through leverage, however manageable the ratios appear, will invite scrutiny given the group's history with leverage-related market concerns. Karan Adani's framing around 'financial prudence' is as much a message to bond markets as it is a corporate vision statement.
NationPress
5 Nov 2026
Frequently Asked Questions
What is the Adani Ports Evos acquisition?
Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire Evos B.V., Europe's second-largest independent liquid storage operator, from Igneo Infrastructure Partners in an all-cash deal at an enterprise value of €2.56 billion. The deal gives APSEZ 6.3 million cubic metres of liquid storage capacity across eight terminals in the Netherlands, Germany, Spain, Belgium, and Malta.
How much is APSEZ paying for Evos B.V.?
APSEZ is paying an enterprise value of €2.56 billion, implying an equity value of €1.18 billion. The acquisition multiple stands at 11.7 times Evos's CY25 EV/EBITDA. The transaction will be funded through debt.
Why is the Evos acquisition strategically important for Adani Ports?
Evos gives APSEZ a significant foothold in Europe's most critical energy logistics hubs — the Amsterdam-Rotterdam-Antwerp corridor, Hamburg, and the Mediterranean — at a time when Europe is restructuring its energy supply chains. It is a key step toward APSEZ's stated goal of handling one billion tonnes of cargo annually as a global integrated transport platform.
When will the Adani-Evos deal close?
The transaction is subject to regulatory approvals across multiple European jurisdictions and works council consultation. No specific closing date has been announced, but the timeline will depend on competition authority clearances in the European Union.
What are Evos's financials?
For calendar year 2025, Evos reported revenue of €392 million and EBITDA of €219 million, reflecting an EBITDA margin of 56 per cent. Post-acquisition, the combined entity's net debt-to-EBITDA is projected at 2.76 times, expected to decline to approximately 2.5 times by FY27.
