Adani Ports and Special Economic Zone (APSEZ) will acquire Dutch liquid-storage operator Evos B.V. for €1.18 billion (₹12,511 crore), giving India’s largest port operator control of eight terminals across Europe and a storage capacity of 6.3 million cubic metres.
The all-cash transaction, announced by APSEZ and reported to the exchanges, will be funded through debt. It remains subject to regulatory and other approvals, as well as consultation with Evos’ works councils. Igneo Infrastructure Partners is the seller of the 100 per cent stake.
The acquisition values Evos at an enterprise value of €2.56 billion (₹27,142 crore). Its terminals are located in the Netherlands at Amsterdam East, Amsterdam West, Rotterdam and Terneuzen; in Belgium at Ghent; in Germany at Hamburg; in Spain at Algeciras; and in Malta. These sites are positioned within major European energy and industrial hubs and are connected to maritime, pipeline and inland logistics networks.
Evos provides storage, handling and transshipment infrastructure for liquid products including petrol, gasoil, marine fuels and jet fuel. Its portfolio also includes transition fuels such as sustainable aviation fuel, biofuels, methanol and bioethanol. The business operates 452 tanks, 63 vessel and barge berths and several integrated pipeline connections, including links to Schiphol Airport and the Central Europe Pipeline System.
The operator handled 37 million metric tonnes of throughput in 2025. Its customers include global energy companies, industrial and chemical firms and commodity traders. APSEZ said Evos has an average commercial occupancy rate of 99 per cent, with a substantial part of its revenue supported by take-or-pay contracts and consumer price index-linked agreements.
The deal will significantly increase APSEZ’s exposure to liquid cargo and provide its first sizeable European operating platform, according to the company. APSEZ said it intends to use its operating expertise and integrated logistics capabilities to strengthen Evos’ competitive position and support the long-term development of European trade infrastructure.
Karan Adani, managing director of APSEZ, said the acquisition fits the company’s objective of handling 1 billion tonnes of cargo and building an integrated global transport platform. The company said Evos would add hard-currency cash flows and increase the geographic diversification of its earnings.
Evos reported an EBITDA margin of 56 per cent, compared with APSEZ’s 44.8 per cent margin for international ports in the first half of FY27. APSEZ had a cash balance of ₹12,502 crore as of the July-September quarter of FY27, while Japanese financier MUFG has provided financing commitments of up to €2.8 billion as the sole underwriter for the proposed transaction.
The acquisition will proceed only after the required regulatory clearances and works council consultation are completed. Linklaters and Cyril Amarchand Mangaldas are advising APSEZ as international and domestic legal counsel, respectively.
