Curated by Gurdeep Singh, Amritsar, Punjab
Updated: 5 November 2026, 9:41 PM IST
Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to acquire 100% of Netherlands-headquartered Evos B.V. from Igneo Infrastructure Partners in an all-cash transaction with an enterprise value of €2.56 billion, or about $2.88 billion. The proposed acquisition would give India’s largest private port operator a major foothold in Europe’s liquid-storage business.
Evos is described by APSEZ as Europe’s second-largest independent liquid-storage operator. Its eight port-based terminals have combined capacity of 6.3 million cubic metres and are located in the Netherlands, Germany, Spain, Belgium and Malta. The company’s announcement says the deal is subject to regulatory and other approvals as well as a works-council consultation process; it has not announced a closing date.
What the $2.88 billion valuation means
The €2.56 billion figure is the enterprise value, which values the operating business including its financing structure. APSEZ put Evos’ equity value at €1.18 billion and said the transaction implies 11.7 times Evos’ calendar-year 2025 enterprise value to EBITDA. The reported dollar figure of $2.88 billion is a conversion of the euro enterprise value, rather than the equity purchase value alone.
APSEZ said the transaction will be funded through debt. MUFG has provided financing commitments of up to €2.8 billion for the proposed transaction. Based on APSEZ’s FY26 and Evos’ CY25 financials, APSEZ estimates pro-forma net debt to EBITDA of 2.76 times after the transaction, with that ratio expected to be around 2.5 times by FY27.
Evos’ terminals and earnings profile
Evos handled 37 million metric tonnes of throughput in calendar 2025 and reported revenue of €392 million and EBITDA of €219 million, giving it a reported EBITDA margin of 56%. APSEZ said average commercial occupancy was 99%, while a substantial part of Evos’ revenue is supported by take-or-pay contracts and consumer-price-index-linked agreements.
The infrastructure includes 452 tanks and 63 vessel and barge berths. Its terminal network reaches key European energy and industrial centres, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. Pipeline links include connections to Amsterdam Airport Schiphol and the Central Europe Pipeline System, according to APSEZ.
The stored products include conventional fuels such as gasoline, gasoil, marine fuel and jet fuel, as well as transition fuels including sustainable aviation fuel, biofuels, methanol and bioethanol. This mix gives APSEZ exposure to established fuel flows while positioning the acquired business to handle some lower-carbon fuels as markets and infrastructure develop.
Strategic fit and what changes for APSEZ
APSEZ says the acquisition will increase the scale and geographic diversification of its liquids portfolio and expand its network to 28 ports and terminals across 10 countries. Its broader goal is to build an integrated transport platform spanning cargo handling and logistics, with a stated target of handling one billion tonnes of cargo by FY31.
The deal also adds a different earnings stream from port cargo handling: Evos’ storage operations are tied to terminal occupancy, customer contracts and throughput across multiple energy hubs. APSEZ says the assets’ high occupancy and contracted revenues should contribute predictable foreign-currency cash flows. Evos’ reported 56% EBITDA margin compares with APSEZ’s stated 44.8% margin for its international ports business in the first half of FY27, though the figures cover different businesses and reporting periods.
Managing Director Karan Adani called the transaction a step toward building a global integrated transport platform and said the company intends to support Europe’s energy transition. That is the company’s strategic rationale; the acquisition’s eventual contribution will depend on approvals, financing costs, integration and the performance of the acquired terminals.
Debt, approvals and market response
The debt-funded structure makes the projected leverage path a key part of the transaction. The expected reduction from 2.76 times net debt to EBITDA to about 2.5 times by FY27 is APSEZ’s forecast, not a completed outcome. Financing costs, the pace of integration and future investment needs could affect how quickly the ratio changes.
Regulatory clearances in the relevant jurisdictions and consultation with Evos’ works council remain outstanding. Reuters reported that APSEZ shares closed 1.3% lower at ₹1,884.60 on the day of the announcement, indicating a cautious immediate market response; a single-session price move does not by itself establish investors’ longer-term view of the deal.
Sources: APSEZ announcement, Reuters, and Business Standard.
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