Adani Ports to Acquire Dutch Storage Firm Evos in $2.88 Billion Deal
India’s Adani Ports and Special Economic Zone (APSEZ) is expanding its international operations through a major acquisition agreement involving Netherlands-based liquid storage operator Evos B.V. The proposed transaction carries an enterprise value of €2.56 billion, equivalent to approximately $2.88 billion, and is expected to establish a significant European presence for one of India’s largest private port operators.
Announced on November 5, 2026, the deal represents an important step in Adani Ports’ strategy to develop a globally diversified transport and logistics platform. By acquiring Evos, the company aims to strengthen its liquid storage business, expand its international network and benefit from changing energy requirements across global markets.
Adani Ports Announces $2.88 Billion European Acquisition
Adani Ports plans to acquire a 100% stake in Evos B.V. from infrastructure investment firm Igneo Infrastructure Partners. The proposed transaction has an enterprise value of €2.56 billion, while the equity value stands at approximately €1.18 billion.
The company said the acquisition would provide access to eight strategically located liquid storage terminals across five European countries: the Netherlands, Germany, Spain, Belgium and Malta.
The transaction is structured as an all-cash deal and will be funded through debt. However, completion remains subject to regulatory and other required approvals, along with a works council consultation process.
The acquisition is designed to strengthen Adani Ports’ international operations while giving it a larger role in Europe’s energy storage and logistics infrastructure.
Why Evos Is a Strategic Acquisition for Adani Ports
Evos is Europe’s second-largest independent liquid storage operator, with infrastructure positioned in major energy and industrial markets. Its terminals are located near important commercial and transportation hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.
The company operates storage infrastructure with a combined capacity of approximately 6.3 million cubic metres. Its platform includes 452 storage tanks, vessel and barge berths, and integrated pipeline connections serving important industrial and energy customers.
During calendar year 2025, Evos handled approximately 37 million metric tonnes of throughput. The company also reported revenue of €392 million and EBITDA of €219 million, representing an EBITDA margin of 56%.
These figures make the business an attractive addition to Adani Ports’ international portfolio, particularly because of its established customer relationships and strategically positioned infrastructure.
Acquisition Strengthens Adani’s European Market Presence
The transaction will give Adani Ports a substantial operating presence in several important European energy markets. Rather than relying primarily on its existing Indian port network, the company will gain access to established storage facilities serving international energy producers, industrial businesses and commodity traders.
The expansion is also expected to increase the company’s global network to 28 ports and terminals across 10 countries.
European terminals can provide access to major shipping routes and industrial centres, potentially creating new opportunities for international cargo handling, liquid storage and integrated logistics services.
For Adani Ports, the acquisition is therefore more than an expansion of physical infrastructure. It represents an opportunity to connect its existing transport network with established European energy and industrial supply chains.
Sustainable Aviation Fuel and Biofuels Create Long-Term Opportunities
One of the major strategic reasons behind the transaction is the changing structure of the global energy market. Demand for conventional fuels remains important, but governments and industries are increasingly exploring alternative energy sources to support lower-emission operations.
Evos already handles a diversified range of liquid products, including gasoline, gasoil, marine fuels and jet fuel. Its operations also cover emerging energy products such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.
These products could become increasingly important as airlines, shipping companies and industrial operators explore alternative fuel options.
By gaining control of Evos’ storage infrastructure, Adani Ports could strengthen its exposure to this changing energy landscape. The acquisition may also help the company develop additional services for customers involved in the production, transportation and distribution of new-generation fuels.
How the Deal Will Be Financed
Adani Ports has indicated that the transaction will be funded through debt. The proposed enterprise value is €2.56 billion, while the equity value is approximately €1.18 billion.
According to the company’s announcement, Evos was valued at 11.7 times its calendar year 2025 enterprise value-to-EBITDA. The company reported €219 million in EBITDA for that period.
The acquisition adds a profitable operating business, but debt financing will remain an important consideration for investors. The combined company’s leverage, financing costs and ability to generate cash flow will influence how effectively the acquisition contributes to long-term financial performance.
Adani Ports has stated that the combined entity’s pro forma net debt-to-EBITDA ratio would be approximately 2.76 times, with a target of around 2.5 times by financial year 2027.
Investors will likely monitor the company’s financial position as the transaction moves through the approval process.
Adani Ports Shares Decline Following the Announcement
Despite the strategic importance of the acquisition, Adani Ports shares closed 1.3% lower at 1,884.60 rupees following the announcement, according to the Reuters report.
The market reaction highlights how investors may assess large acquisitions from both strategic and financial perspectives. While international expansion can create new growth opportunities, debt-funded transactions can also raise questions about financing costs, leverage and future returns.
The long-term impact will depend on Evos’ operating performance, integration with Adani Ports’ existing businesses and the company’s ability to generate sustainable cash flow from the expanded network.
What the Acquisition Means for the Global Logistics Industry
The proposed transaction reflects the growing importance of international port infrastructure, liquid storage facilities and integrated transportation networks.
Energy companies and industrial customers depend on strategically located terminals to store, transport and distribute products across international markets. As supply chains become more interconnected, companies with access to multiple ports and logistics networks may gain a competitive advantage.
Adani Ports’ European expansion could strengthen its position in this market while creating opportunities to serve customers across different regions.
The deal also illustrates how major infrastructure operators are positioning themselves for changes in global energy consumption, including the gradual development of alternative fuels.
For readers following major infrastructure investments and international business developments, TimesScopeJournal provides additional coverage of the companies and market trends shaping the global economy.
What Happens Next?
The acquisition is not yet complete. It remains subject to regulatory approvals and other required procedures, including consultation with relevant works councils.
The next important developments will include progress on the approval process, the transaction’s completion timeline and Adani Ports’ plans for integrating Evos into its international operations.
If completed successfully, the deal could provide Adani Ports with a stronger position in European liquid storage and energy logistics while supporting its ambition to build a globally diversified transport platform.
Final Thoughts
Adani Ports’ proposed €2.56 billion acquisition of Evos represents a major international expansion move for the Indian infrastructure group. The deal would add eight European terminals, substantial liquid storage capacity and exposure to both conventional and emerging fuels.
Although debt financing and regulatory approvals remain important considerations, Evos’ established operations and strong financial performance could make it a strategically valuable addition.
The acquisition’s long-term success will depend on execution, financial discipline and the ability to turn its expanded international infrastructure into sustainable business growth.
