Adani Ports to buy Dutch storage firm Evos for 2.56 billion euros

Adani Ports and Special Economic Zone (APSEZ) said on Thursday, 5 November 2026 that it will buy all of Evos B.V., a Netherlands-based company that stores oil, chemicals and other liquids at European ports, from the fund manager Igneo Infrastructure Partners. The deal values Evos at an enterprise value of 2.56 billion euros, about $2.88 billion or roughly Rs 27,221 crore, and will be paid for with borrowed money. It still needs regulatory approvals and consultation with Evos's works councils, the employee bodies that must be consulted on such deals in parts of Europe.

The purchase takes APSEZ deep into Europe's main energy trading area, the cluster of ports around Amsterdam, Rotterdam and Antwerp. Until now, the company's business has been built mainly on Indian ports such as Mundra, with a smaller set of terminals abroad.

Liquid storage is a different kind of business from handling containers or coal. Owners such as oil traders, chemical makers and fuel distributors rent tanks under long contracts, often on a "take-or-pay" basis, where the customer pays for the space whether or not it is used. APSEZ said Evos brings predictable earnings in hard currency, with contracts linked to inflation. For an Indian company, euro earnings can also help balance foreign-currency borrowing.

The company also pointed to newer fuels. Port tanks that hold oil and chemicals today can be used for products such as biofuels and other low-carbon fuels as Europe changes its energy mix, which APSEZ presented as a reason for the purchase. These are the company's expectations, not results.

The deal is funded entirely by debt, so its success will depend on Evos's cash flow covering the new loans. The share price fall on the day suggests some investors were cautious about the extra borrowing.

Peepals calculation: Evos's reported EBITDA margin works out to about 56% (219 ÷ 392 = 0.559), matching the figure APSEZ gave. The price is about 11.7 times Evos's 2025 EBITDA (2,560 ÷ 219 ≈ 11.7). If the equity value is 1.18 billion euros, the debt and other claims taken over come to about 1.38 billion euros (2.56 − 1.18). The rupee figure implies an exchange rate of about Rs 106 to the euro (27,221 crore ÷ 2.56 billion ≈ 106.3). Our calculation from the reported figures.

Short-term: APSEZ will take on new debt of up to 2.8 billion euros under MUFG's commitment, and the deal now goes through European regulatory checks and works-council consultation.

Long-term: If completed, the deal gives APSEZ a large, steady earnings base in Europe and a place in the trade of fuels and chemicals between Europe and Asia, including India.

Who is affected: APSEZ shareholders and lenders; Evos's employees and customers in five European countries; Indian exporters and importers of petroleum products and chemicals who use these ports; and Igneo Infrastructure Partners, the seller.

What to watch next: Regulatory approvals in Europe and the completion of works-council consultation, and whether APSEZ's net debt falls towards the 2.5 times EBITDA it has projected for FY27.

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