Adani Ports to buy European liquid storage operator Evos for 2.56 billion euros

Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to acquire a 100% stake in Netherlands-based Evos B.V., Europe's second-largest independent liquid storage operator, for an enterprise value of 2.56 billion euros.

The all-cash deal will give Adani Ports 100% ownership of Evos, Europe's second-largest independent liquid storage operator, which runs eight terminals across five countries with a combined storage capacity of 6.3 million cubic metres.

The acquisition values Evos at 11.7 times its 2025 earnings before interest, tax, depreciation and amortisation (EBITDA).

Evos reported revenue of 392 million euros and EBITDA of 219 million euros in 2025, translating into an EBITDA margin of 56%.

Adani Ports said the transaction would be funded through debt.

MUFG is the sole underwriter and has provided financing commitments of up to 2.8 billion euros for the proposed transaction.

The transaction is expected to be completed within 15 months from November 5, 2026, APSEZ said in a regulatory filing.

Evos operates eight terminals across seven ports in the Netherlands, Germany, Spain, Belgium and Malta, with a combined storage capacity of 6.3 million cubic metres. It handled 37 million tonnes of throughput in 2025.

Its terminals are located in key European energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.

The company's product portfolio includes conventional fuels such as gasoline, diesel, marine fuels and jet fuel, as well as transition fuels such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.

APSEZ said the acquisition would provide a sizeable foothold in Europe and offer exposure to the transition towards new-age fuels.

"Evos marks an important milestone in APSEZ's trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform," APSEZ Managing Director Karan Adani said in a statement.

"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," he said.