Adani Ports to buy Evos tank storage in €2.56bn all-cash deal

Adani Ports will buy Evos, Europe's second-largest independent liquid storage operator, for €2.56bn, putting eight European terminals under Indian port ownership.

By Procupy News DeskPublished 5 Nov 2026, 5:37 PM IST2 min readSource: The Loadstar

In 60 words

Adani Ports and Special Economic Zone agreed on 5 November to buy all of Netherlands-based Evos from Igneo Infrastructure Partners in an all-cash deal valued at €2.56 billion. Evos runs eight port tank terminals in five European countries with 6.3 million cubic metres of capacity. APSEZ says completion should take about 15 months, subject to approvals and works council talks.

Key points

APSEZ agreed to buy 100% of Evos from Igneo in an all-cash deal at a €2.56 billion enterprise value, or 11.7 times 2025 EBITDA^1, 2.
Evos runs eight port tank terminals in the Netherlands, Germany, Spain, Belgium and Malta, with 6.3 million cubic metres of capacity¹.
MUFG is sole underwriter with committed financing of up to €2.8 billion, and APSEZ puts indicative completion at 15 months¹.
The deal lifts APSEZ's portfolio from 20 to 28 ports and terminals in 10 countries¹.

Adani Ports and Special Economic Zone will buy all of Netherlands-based Evos B.V. The company said on 5 November that the all-cash deal with Igneo Infrastructure Partners values Evos at a €2.56 billion enterprise value^1, 2. Evos is Europe's second-largest independent liquid storage operator. It runs eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta¹.

The equity value is €1.18 billion, subject to closing adjustments. The enterprise value equals 11.7 times Evos's 2025 EBITDA of €219 million¹. APSEZ's own website lists the purchase as its lead news item, with the same €2.56 billion enterprise value³. The Economic Times put the deal at $2.88 billion⁴.

What Adani is buying

Evos reported revenue of €392 million and a 56% EBITDA margin in calendar 2025. It has 6.3 million cubic metres of storage capacity and 37 million tonnes of throughput¹. Revenue rose from €323 million in 2023 to €392 million in 2025¹. The terminals sit in the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean¹.

APSEZ won the business through a competitive bidding process¹. The Loadstar reported on 3 November that APSEZ had reportedly made a binding offer of about $3.3 billion for Evos, after walking away from Associated British Ports⁵.

MUFG is sole underwriter, with committed financing of up to €2.8 billion. Linklaters and Cyril Amarchand Mangaldas are legal counsel¹. APSEZ said the deal will be funded through debt².

Balance sheet and timetable

On a pro forma basis, net debt at the combined group would be 2.76 times EBITDA. APSEZ expects that figure to fall to around 2.5 times by FY2027¹. Its international ports arm reported H1 FY2027 EBITDA of ₹1,608 crore, on volumes of 47 MMT against 17 MMT a year earlier¹. It held ₹12,502 crore of cash on 30 September 2026¹.

Regulatory approvals and works council consultations begin immediately. APSEZ put the indicative completion at 15 months¹. The purchase takes its portfolio from 20 to 28 ports and terminals in 10 countries¹. APSEZ's managing director said: "We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs."²

What changes for terminal customers

The seller, Igneo, is a global infrastructure manager and the direct infrastructure team of the First Sentier Group⁶. After completion, the owner standing behind contracts at the eight terminals will be a strategic port operator rather than an infrastructure manager. The contracting entity, Evos B.V., stays the same¹.

The contracts themselves do not move. APSEZ is buying the shares of Evos B.V., and the terminals, tanks and capacity stay where they are^1, 2. In practice, what can change after completion is who sets investment priorities, how renewal talks are run and which growth projects get funded.

Evos's 56% margin is above the 44.8% margin APSEZ reports for its international ports business¹. That gap helps explain why a listed port operator can pay 11.7 times EBITDA for assets that an infrastructure manager was selling.

What to watch

Three things matter for buyers. First, the conditions attached to regulatory approvals and works council consultation². Second, whether contract terms at the terminals change after completion. Third, what APSEZ sets out as investment plans for the eight terminals.

What this means for procurement teams

For buyers of liquid bulk, who owns tank capacity in the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean feeds directly into what storage and throughput cost. Evos operates eight terminals with 6.3 million cubic metres of capacity¹. Those tanks store liquid products before and after a voyage. A change of owner does not move a tank. It does change who decides how capacity is allocated at renewal and where investment goes.

The 11.7 times multiple on 2025 EBITDA is the price APSEZ agreed to pay¹. Buyers should treat any shift in renewal terms, minimum throughput commitments or tank cleaning and segregation charges as a commercial decision by the new owner, not as something the deal forces. Nothing in the announcements changes existing contracts.

Practical steps: pull out your storage and throughput agreements at any of the eight terminals and check assignment, change of control, renewal notice periods and minimum throughput clauses before completion. Line up a backup terminal in the ARA region or the Mediterranean in case renewal talks tighten. Ask suppliers who ship through these terminals whether their routing depends on a single tank farm.

APSEZ expects completion in 15 months¹. Put that date in your calendar and recheck terms once the deal closes. Port ownership can change; your contract terms and your second source of capacity are what you control.

Sources

1.BusinessLine, Adani Ports inks €2.56-billion deal to buy Europe’s second-largest liquid storage operator, 5 November 2026. Accessed 5 November 2026.
2.BusinessLine, Adani Ports to acquire 100% of Evos BV at enterprise value of 2.56 billion euros, 5 November 2026. Accessed 5 November 2026.
3.adaniports.com, Adani Ports and SEZ Ltd. Accessed 5 November 2026.
4.The Economic Times, evos: Latest News & Videos, Photos about evos | The Economic Times - Page 1. Accessed 5 November 2026.
5.The Loadstar, Adani Ports bidding for Europe’s tank terminals: the test is whether it pays for returns or size, 3 November 2026. Accessed 5 November 2026.
6.Igneo Infrastructure Partners, Igneo Infrastructure Partners. Accessed 5 November 2026.

How this story was made: the Procupy News Desk researched and wrote it with AI tools, working only from the sources listed above. Automated checks confirmed that every number and quote appears in those sources, and a separate AI fact-check compared the story with them before publication. Read our editorial policy. Spotted a mistake? Tell us and we will fix it.