Adani Ports to buy Europe's Evos in €1.18B deal
What's the deal? Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire 100% of Netherlands-based EvosDealroom has a profile for this one. Try Dealroom → from Igneo Infrastructure PartnersDealroom has a profile for this one. Try Dealroom → in an all-cash transaction. The deal values Evos at an equity value of €1.18 billion and an enterprise value of €2.56 billion — a multiple of 11.7 times its 2025 EBITDA.
What each side brings: Evos is Europe's second-largest independent liquid storage operator, with 6.3 million cubic metres of capacity across eight terminals in the Netherlands, Germany, Spain, Belgium, and Malta. Its terminals sit in major hubs, including the Amsterdam-Rotterdam-Antwerp region and Hamburg. APSEZ is India's largest integrated transport operator.
The numbers: Evos posted 2025 revenue of €392 million and EBITDA of €219 million, a 56% margin. It handled 37 million metric tonnes of throughput at 99% average commercial occupancy, with much of its revenue under take-or-pay and inflation-linked contracts.
What's the endgame? The acquisition expands APSEZ's international liquids business and adds euro-denominated revenue. It grows the company's footprint to 28 ports and terminals across 10 countries.
Evos handles conventional fuels such as gasoline, marine fuels, and jet fuel, plus transition fuels including sustainable aviation fuel, biofuels, and methanol. That gives APSEZ exposure to Europe's energy transition, though the upside is not assured.
Why now? Karan Adani, managing director of APSEZ, called the deal "an important milestone in APSEZ's trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform."
What could go wrong? The purchase is debt-funded, leaving pro forma net debt to EBITDA at 2.76 times. APSEZ expects that to fall to about 2.5 times by FY27, but the forecast depends on performance. The deal also needs regulatory approvals and works council consultation.
The signal: The acquisition marks a strategic push beyond APSEZ's core port operations into European energy infrastructure. Evos's high-margin, contracted storage business lifts the scale and geographic diversity of Adani's global platform — positioning it for both conventional fuel flows and emerging transition-fuel markets.
Read more: businessupturn.com
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