Adani Ports Expands Its European Logistics Network
Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire Dutch liquid storage operator Evos in a transaction valued at an enterprise value of €2.56 billion. The proposed purchase will extend the Indian group’s international logistics operations into Europe’s energy and industrial bulk storage sector.
The agreement covers 100% of Evos, which is currently owned by Igneo Infrastructure Partners. Its eight terminals are located across the Netherlands, Germany, Spain, Belgium and Malta, providing access to established European shipping routes and industrial centres.
The agreement, dated 5 November 2026, values Evos’ equity at €1.18 billion. APSEZ intends to finance the acquisition through debt, with MUFG providing financing commitments of up to €2.8 billion as sole underwriter.
Completion remains subject to regulatory approvals, other applicable clearances and consultation with European works councils. No confirmed completion date has been announced.
Eight Terminals Add Significant Storage Capacity
Evos operates eight liquid storage terminals with a combined capacity of 6.3 million cubic metres across 452 tanks. Its marine infrastructure also includes 63 vessel and barge berths, supporting the movement of liquid products between ships, storage facilities and inland distribution networks.
The terminals are positioned around important European energy and industrial locations, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and Mediterranean ports. Pipeline connections include infrastructure associated with Schiphol Airport and the Central Europe Pipeline System.
During 2025, the business handled 37 million tonnes of liquid products. Its portfolio includes petrol, gasoil, marine fuels and aviation fuel, alongside sustainable aviation fuel, biofuels, methanol and bioethanol.
The ability to store and handle different products is central to the operation of liquid bulk terminals. Individual materials can require dedicated tanks, compatible transfer equipment and specific cleaning procedures to maintain product quality and meet safety requirements.
Supporting European Energy and Industrial Supply Chains
Evos’ network connects seaborne cargo movements with industrial customers and inland distribution infrastructure. Marine berths provide routes for receiving and dispatching products, while pipeline connections allow suitable materials to move between terminals and customers without requiring an additional road or rail journey for every shipment.
This infrastructure supports a range of industries, including energy, chemicals, aviation and commodity trading. Reliable access to storage and transfer capacity is particularly important for businesses managing the movement of fuels and other liquid products across international markets.
The terminals also provide exposure to established and emerging fuel categories. Sustainable aviation fuel, biofuels and methanol already form part of Evos’ stated product portfolio, although the acquisition announcement does not establish any specific expansion plans or additional investment in these areas.
Strong Occupancy and Contracted Revenue
Evos reported average commercial occupancy of 99%, with a significant proportion of revenue supported by take-or-pay agreements and contracts incorporating consumer price index adjustments.
Take-or-pay arrangements require customers to pay for contracted storage capacity even when they use less than the agreed amount. These agreements can provide greater revenue visibility by creating commitments that are less dependent on individual spot-market movements.
During calendar year 2025, Evos generated revenue of €392 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of €219 million, representing an EBITDA margin of 56%.
The agreed enterprise valuation represents approximately 11.7 times the company’s 2025 EBITDA. These figures provide a historical view of the business ahead of the proposed change in ownership, rather than a forecast of its future financial performance.
Financing and International Growth
The acquisition will add a new infrastructure category to APSEZ’s international portfolio, which already includes interests in Australia, Sri Lanka, Israel and Tanzania.
APSEZ reported ₹12,502 crore in cash as at 30 September 2026. The company has calculated a pro forma net debt-to-EBITDA ratio of 2.76 times for the combined businesses, using APSEZ’s 2025–26 financial year and Evos’ calendar 2025 results. It expects this figure to move towards approximately 2.5 times during its 2026–27 financial year, although this remains a management projection.
The proposed transaction also builds on APSEZ’s expanding international ports operations. Its overseas ports business handled 47 million tonnes during the first half of its current financial year, compared with 17 million tonnes in the corresponding period previously.
Evos would complement these operations through its established storage facilities, customer relationships and connections to European industrial and energy markets. Its addition would give APSEZ a broader role in the movement and storage of liquid commodities beyond conventional port handling.
A Major Step in APSEZ’s European Expansion
The proposed acquisition represents a significant expansion of APSEZ’s international logistics infrastructure, bringing eight established European terminals into its portfolio if the transaction completes.
For Evos, the agreement would place its liquid storage network within a larger international ports and logistics group, while maintaining the importance of its existing customer contracts, terminal infrastructure and operating requirements.
The next milestones are regulatory clearance, completion of the required consultation processes and finalisation of the debt-financed transaction. Until those conditions are met, Evos will remain under its existing ownership.
If completed, the acquisition would give APSEZ a substantial presence in Europe’s liquid bulk storage market and strengthen its position across international supply chains.
Source: IN Supply
Image: Pexels, via IN Supply.