Adani Ports will acquire Netherlands-based Evos for €2.56 billion, expanding its European presence, strengthening liquid storage operations and diversifying its global energy infrastructure portfolio.
Adani Ports and Special Economic Zone (APSEZ), India's largest port operator, has announced plans to acquire a 100% stake in Netherlands-based liquid-storage company Evos B.V. from Igneo Infrastructure Partners.
The all-cash transaction has an enterprise value of €2.56 billion, equivalent to approximately ₹27,142 crore. The deal represents a significant step in APSEZ's international expansion strategy and will strengthen its presence in the European energy and logistics infrastructure market.
According to the company's regulatory filing, the transaction values Evos' equity at €1.18 billion, or approximately ₹12,511 crore. The acquisition will be financed through debt and remains subject to regulatory approvals, other customary conditions and works council consultation.
Evos operates eight port-based liquid-storage terminals located across major European energy and industrial centres.
Its facilities are spread across:
Netherlands: Amsterdam East, Amsterdam West, Rotterdam and Terneuzen.
Belgium: Ghent.
Germany: Hamburg.
Spain: Algeciras.
Malta: Malta terminal.
With a combined storage capacity of 6.3 million cubic metres, Evos is recognised as Europe's second-largest independent liquid-storage operator.
Its infrastructure supports the storage, handling and transportation of various liquid commodities, including gasoline, gasoil, marine fuels and aviation fuel. The company also handles emerging energy products such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.
Evos has an extensive infrastructure network comprising 452 storage tanks and 63 vessel and barge berths.
The company also benefits from integrated pipeline connections, including links to Amsterdam Schiphol Airport and the Central Europe Pipeline System. These connections strengthen its ability to transport and distribute liquid products across important industrial and commercial markets.
In 2025, Evos handled approximately 37 million metric tonnes of throughput, demonstrating the scale of its operations. Its customer base includes major energy companies, industrial and chemical manufacturers, and international commodity traders.
The acquisition will provide APSEZ with a substantial presence in Europe while expanding and diversifying its liquid-storage business.
The company expects the transaction to create opportunities in the growing market for alternative and transition fuels. Evos' existing infrastructure and strategic terminal locations will also provide access to important European trade routes.
APSEZ plans to use its operational expertise and integrated logistics capabilities to improve Evos' competitive position and support the development of critical European trade infrastructure.
Managing Director Karan Adani said the acquisition aligns with the company's broader ambition of handling one billion tonnes of cargo and developing a globally integrated transportation platform.
One of the key attractions of the acquisition is Evos' predictable revenue model and established customer relationships.
According to APSEZ, the European operator maintains an average commercial occupancy rate of approximately 99%. A significant portion of its revenue comes from long-term take-or-pay agreements and contracts linked to the Consumer Price Index (CPI).
These arrangements provide greater revenue visibility and help reduce exposure to fluctuations in market demand.
Evos also reported an EBITDA margin of 56%, higher than APSEZ's 44.8% margin for its international ports business in the first half of FY27.
APSEZ expects the acquisition to strengthen the quality and resilience of its earnings through high-margin cash flows and greater geographical diversification.
The proposed acquisition will be funded through debt, with Japanese financial institution MUFG acting as the sole underwriter. MUFG has provided financing commitments of up to €2.8 billion to support the transaction.
As of July-September, APSEZ reported a cash balance of ₹12,502 crore. For legal assistance, Linklaters and Cyril Amarchand Mangaldas have been appointed as international and domestic legal advisers, respectively.
The transaction will move forward after the completion of the required regulatory procedures and other approvals.
Conclusion
Adani Ports' proposed €2.56 billion acquisition of Evos marks a major milestone in its global expansion strategy. The deal will provide access to eight European terminals, increase liquid-storage capacity and strengthen exposure to emerging fuels. With predictable revenues, strong customer relationships and established infrastructure, Evos could become an important contributor to APSEZ's long-term growth and ambition to build a global integrated transport platform.