Adani Ports inks €2.56-billion deal to buy Europe’s second-largest liquid

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Evos is Europe’s second-largest independent liquid storage operator, running eight port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta

By Anupama Ghosh

Updated - November 05, 2026 at 05:01 PM.

The acquisition will expand APSEZ’s global portfolio to 28 ports and terminals across 10 countries | Photo Credit: ANI

Adani Ports and Special Economic Zone Ltd (APSEZ) announced on Thursday that it has agreed to acquire 100 per cent of Netherlands-headquartered Evos B.V. from Igneo Infrastructure Partners in an all-cash deal valued at €2.56 billion, marking the Indian port operator’s first major entry into the European liquid storage sector.

The enterprise value implies an acquisition multiple of 11.7 times Evos’s CY2025 EBITDA of €219 million. The equity consideration stands at €1.18 billion, subject to closing adjustments. MUFG is the sole underwriter and has committed financing of up to €2.8 billion for the transaction. Linklaters and Cyril Amarchand Mangaldas are serving as legal counsel.

Evos is Europe’s second-largest independent liquid storage operator, running eight port-based terminals across five countries: the Netherlands, Germany, Spain, Belgium and Malta. The business reported revenue of €392 million and an EBITDA margin of 56 per cent for the calendar year 2025, with storage capacity of 6.3 million cubic metres and throughput of 37 million tonnes. Its terminals are located in key energy hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. Evos’s revenue has grown steadily from €323 million in 2023 to €392 million in 2025.

The deal was won through a competitive bidding process. APSEZ entered the agreement on November 5, 2026 and said regulatory approvals and works council consultations will begin immediately. The indicative timeline for completion is 15 months.

The acquisition will expand APSEZ’s global portfolio from 20 to 28 ports and terminals across 10 countries. On a pro forma basis, the combined entity’s net debt-to-EBITDA ratio stands at 2.76 times, which APSEZ expects to reduce to around 2.5 times by FY2027.

APSEZ’s international ports business posted record H1 FY2027 EBITDA of ₹1,608 crore, with volumes rising to 47 MMT from 17 MMT in the same period a year earlier. The company held a cash balance of ₹12,502 crore as of September 30, 2026. Evos’s 56 per cent EBITDA margin exceeds APSEZ’s current international ports margin of 44.8 per cent.

Published on November 5, 2026

Companies to follow

• Adani Ports & Special Economic Zone Ltd

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