Adani Ports Goes Global: $2.88 Billion Deal to Acquire Netherlands' Evos
APSEZ expands its global footprint by acquiring Europe's second-largest liquid storage operator, Evos, in a massive $2.88 billion deal.
In a massive move to expand its international footprint, Adani Ports and Special Economic Zone Limited (APSEZ) has announced the acquisition of a 100 per cent stake in the Netherlands-based liquid storage giant, Evos B.V. The deal, valued at EUR 2.56 billion (approximately USD 2.88 billion), sees APSEZ purchasing the company from Igneo Infrastructure Partners.
A Strategic European Foothold
This acquisition is not just about size; it is about strategic positioning. Evos stands as Europe's second-largest independent liquid storage operator. By bringing Evos into its fold, APSEZ instantly gains a formidable presence in the European market, significantly scaling its liquids portfolio and diversifying its geographic reach.
The scale of Evos' operations is immense, featuring:
- Massive Capacity: A total storage capacity of 6.3 million cubic metres.
- Wide Reach: Eight port-based terminals spread across the Netherlands, Germany, Spain, Belgium, and Malta.
- Robust Infrastructure: A network comprising 452 storage tanks and 63 vessel and barge berths.
- Critical Connectivity: An extensive pipeline network that includes vital connections to the Central Europe Pipeline System and Schiphol Airport.
The operational strength of Evos is further highlighted by its performance in the calendar year 2025, where it handled a cargo throughput of 37 million metric tonnes (MMT).
Boosting Margins and Financial Resilience
For APSEZ, the financial logic behind this deal is compelling. The company noted that Evos brings high-margin, predictable cash flows in hard currency, supported by CPI-linked contracts and high take-or-pay revenues. This is expected to enhance the overall resilience and quality of APSEZ's earnings.
A key highlight is the profit margin; Evos boasts a 56% EBITDA margin. This is notably higher than APSEZ’s own International Ports margin of 44.8% for H1 FY27, making the acquisition "margin-accretive" for the Indian conglomerate.
The Road to 1 Billion Tons
Karan Adani, Managing Director of APSEZ, described the acquisition as a pivotal milestone in the company's journey toward its ambitious goal of handling 1 billion tons of cargo. He emphasized that the move allows APSEZ to build a truly global, integrated transport platform and provides essential exposure to the transition toward new-age, sustainable fuels.
"We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs. We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value," said Karan Adani.
Financing and Legal Support
The financial heavy lifting for this transaction is being managed by MUFG, which serves as the sole underwriter and has provided financing commitments of up to €2.8 billion (approximately USD 3.14 billion).
On the legal front, APSEZ was supported by Linklaters as international legal counsel and Cyril Amarchand Mangaldas as domestic legal counsel to ensure a smooth transition of ownership.