Adani Ports Evos acquisition: APSEZ to buy Europe's Evos at EUR 2.56 billion enterprise value

Adani Ports Evos acquisition: Adani Ports and Special Economic Zone (APSEZ) has agreed to buy 100% of Evos B.V., a Netherlands-based liquid storage operator. The deal values Evos at an enterprise value of EUR 2.56 billion. APSEZ disclosed the agreement to the exchanges on November 5, 2026.

APSEZ said it was chosen as the winning bidder in a competitive process. It is buying Evos from F.S. Amelia S.a r.l. and Evos Manco B.V. The media release names the seller as Igneo Infrastructure Partners. Payment will be in cash, and the deal will be funded by debt.

Adani Ports Evos acquisition: key facts

Item	Detail
Stake	100% of Evos B.V.
Enterprise value	EUR 2,558 million (about EUR 2.56 billion)
Equity value	EUR 1,184 million, subject to closing adjustments
Valuation	11.7 times 2025 EV/EBITDA
Payment	All cash, funded through debt
Expected completion	Within 15 months from November 5, 2026
Approvals	Regulators in India and abroad; works council consultation

The investor presentation shows EUR 1,374 million of net debt and debt-like items, including EUR 289 million of shareholder debt. That is the gap between the enterprise value and the equity value. MUFG is the sole underwriter and has committed financing of up to EUR 2.8 billion.

What Evos does

Evos stores and handles liquid products such as petrol, diesel, marine fuel and jet fuel. It also handles transition fuels like sustainable aviation fuel, biofuels, methanol and bioethanol. It does not own the products it stores.

The company calls Evos Europe’s second-largest independent liquid storage operator. It runs eight port terminals in five countries: the Netherlands, Belgium, Germany, Spain and Malta. Total storage capacity is 6.3 million cubic metres, and it handled 37 million tonnes in 2025.

Evos (EUR million)	CY2023	CY2024	CY2025
Income	323	367	392
EBITDA	166	200	219
EBITDA margin	51%	54%	56%

EBITDA is earnings before interest, tax, depreciation and amortisation. APSEZ noted that Evos’s 56% margin is above the 44.8% margin of its own international ports business in H1 FY27.

Impact on Adani Ports’ debt

APSEZ put the pro forma net debt to EBITDA of the combined business at 2.76 times. That uses APSEZ’s FY26 and Evos’s 2025 figures. It expects the ratio to be around 2.5 times by FY27. APSEZ had cash of Rs 12,502 crore at the end of September 2026.

After the deal, APSEZ’s global footprint grows to 28 ports and terminals in 10 countries. Managing Director Karan Adani called Evos “an important milestone” for the company.

What happens next

The regulatory approval and works council processes start now. The deal is not complete until those approvals come through, within the 15-month window. In our view, the debt level after closing and Evos’s margins are the figures to track. More deal news is in our deals section.