Adani Ports Buys Europe's Evos for €2.56 Billion in a Major Overseas Bet

Adani Ports and Special Economic Zone (APSEZ) has agreed to buy 100% of Netherlands-based Evos B.V. for an enterprise value of €2.56 billion, in an all-cash deal that gives the Indian port operator Europe's second-largest independent liquid storage business. The agreement, announced on November 5, 2026, is trending across Indian and European trade coverage on Friday because of its size, its debt funding, and what it says about Adani's global ambitions.

What happened

APSEZ will acquire the entire paid-up share capital of Evos from Igneo Infrastructure Partners. The enterprise value is €2.56 billion, while the equity consideration is about €1.18 billion, subject to closing adjustments. The price values Evos at 11.7 times its calendar 2025 EBITDA.

Evos is not a start-up asset. It generated revenue of €392 million and EBITDA of €219 million in 2025, an EBITDA margin of roughly 56%, according to the deal disclosures reported by multiple outlets. That established earnings base is a central part of the story: Adani is buying operating terminals, not a development project.

What Adani is actually buying

Evos operates eight port-based liquid storage terminals across five countries: the Netherlands, Germany, Spain, Belgium and Malta. Together they hold 6.3 million cubic metres of storage capacity, including terminals in the Amsterdam-Rotterdam-Antwerp cluster, Hamburg and on the Mediterranean coast.

Those terminals store and handle liquid bulk products for energy and industrial customers in some of Europe's busiest port hubs. Adding Evos takes APSEZ's portfolio to 28 ports and terminals across 10 countries, and marks its first major entry into the European liquid storage sector.

Why it's blowing up

First, the scale. At about €2.56 billion — roughly Rs 27,000 crore in Indian reporting — this is one of the largest overseas infrastructure deals announced by an Indian port operator this year, and it was won through a competitive bidding process.

Second, the funding. The deal will be financed through debt, with Japanese bank MUFG as sole underwriter and financing commitments of up to €2.8 billion. APSEZ has said pro forma net debt to EBITDA will be around 2.76 times, easing toward 2.5 times by FY27. That leverage is why the market reaction has been mixed rather than purely celebratory.

Third, the timing. The announcement landed in a week when Indian markets were rallying hard while global technology stocks sold off, putting every large Indian corporate move under a brighter spotlight. On Thursday, APSEZ shares fell 1.3% to Rs 1,884.60 after the announcement, a sign investors were weighing the strategic gain against the borrowing required to pay for it. On Friday, Indian market coverage listed Adani Ports among the stocks rising as the broader Sensex and Nifty extended their gains.

Key facts

• Buyer: Adani Ports and Special Economic Zone Ltd (NSE: ADANIPORTS).
• Seller: Igneo Infrastructure Partners.
• Deal: 100% of Evos B.V., all-cash, enterprise value €2.56 billion; equity value about €1.18 billion.
• Valuation: 11.7 times Evos's 2025 EBITDA of €219 million, on revenue of €392 million.
• Assets: 8 terminals, 5 countries, 6.3 million cubic metres of liquid storage capacity.
• Financing: Debt-funded; MUFG sole underwriter with commitments up to €2.8 billion.
• Timeline: Completion expected in about 15 months, subject to approvals.

What's next

The deal is agreed, not completed. It still needs government and regulatory approvals in India and in the relevant overseas jurisdictions, plus consultation with Evos's works councils. APSEZ said those processes will begin immediately, with an indicative completion timeline of about 15 months.

Until closing, Evos should not be counted as part of APSEZ's reported earnings. What investors will watch next is the cost of the debt, how the leverage path tracks the 2.5 times target for FY27, and whether the European terminals can keep the high occupancy and margins disclosed for 2025. This report describes what was announced and how markets reacted; it is not a recommendation to buy, sell or hold any security.

Sources

The Hindu BusinessLine | Maritime Gateway | Business News Today | Wedoany | Trendlyne / Mint

FAQ

How much is Adani Ports paying for Evos?

The deal values Evos at an enterprise value of €2.56 billion, with an equity consideration of about €1.18 billion in cash, subject to closing adjustments.

What does Evos do?

Evos is Europe's second-largest independent liquid storage operator, running eight port terminals in the Netherlands, Germany, Spain, Belgium and Malta with 6.3 million cubic metres of capacity.

How is Adani Ports funding the acquisition?

Through debt. MUFG is the sole underwriter and has committed financing of up to €2.8 billion, and APSEZ expects pro forma net debt to EBITDA of about 2.76 times, falling toward 2.5 times by FY27.

When will the Evos deal close?

Completion is expected in about 15 months, subject to regulatory approvals in India and overseas and to works council consultation, so ownership has not transferred yet.