Adani Ports agrees to buy Dutch storage and terminal co Evos for $2.9 bn

Mumbai: Gautam Adani flagship, Adani Ports and Special Economic Zone Limited (APSEZ), has agreed to buyout Evos B.V. -- a pan European liquid storage and terminals company – for €2.56 billion ($2.9 billion), trumping competition from global buyout groups and port operators as the scramble for scaled energy focussed infrastructure intensifies amidst heightened global conflicts.

The all-cash offer for the 5-year old Dutch company will be the second largest global acquisition after its Australian coal mines and terminal buy in 2010-11 by the infrastructure focussed business group. The West-Asia conflict has already affected Adani’s domestic ports volumes.

ET was the first to report in its October 30 edition that Adani had submitted a binding offer for the company, owned by Igneo Infrastructure Partners, a global asset manager, which in turn is owned by First Sentier Group. It has eight tank terminals with a total storage capacity of 6.3 million cubic metersacross 8 key European ports in five countries making it strategic for global port operators and owners of maritime infrastructure assets, making it the second largest liquid storage operator in Europe.

The transaction will be funded via debt and is subject to regulatory and other approvals and works council consultation, the company said in a statement. MUFG is the sole underwriter and has provided financing commitments for up to €2.8 billion for the proposed transaction.

“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform,” said Karan Adani, Managing Director, APSEZ. “We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth.

For Adanis who have been proactively scouting for global assets as part of a global ambition to build a diversified integrated transport platform, Evos establishes a sizeable European foothold, materially scales and diversifies APSEZ’s liquids portfolio, and provides exposure to the long-term transition toward new-age fuels, the company said.

Adani Ports is already present in Haifa ports in Israel and is looking for a string of pearls strategy to connect its hubs in Australia, Sri Lanka with India and Middle East and Europe. In FY26, 12% of the company’s revenues and 6% of its consolidated EBIDA came from its international ports business. Evos’ 56% EBITDA margin is above APSEZ’s H1 FY27 International Ports margin of 44.8%, underscoring the margin-accretive nature of the business.

Gateway to Europe

The Evos transaction comes after it lost a 10 billion pound pursuit of UK’s Associated British Ports (ABP) to super fund IFM last week. Late last month, the company’s management said it was evaluating 20 assets, including ports and terminals, as part of global expansion plans.

The transaction values Evos at an equity value of €1.18 bn, implying an acquisition multiple of 11.7x CY25 EV/EBITDA. For CY25, Evos delivered revenue and EBITDA at €392 million & €219 million respectively (56% EBITDA margin).

Evos’ terminals are positioned in Europe’s most important energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp (ARA) region, Hamburg and the Mediterranean. The platform comprises 452 tanks, 63 vessels and barge berths, and has several integrated pipeline connectivities (including Schiphol airport and Central Europe Pipeline System). Evos handled 37 MMT of throughput in CY25. Evos operates a diversified liquids platform spanning both conventional and transition fuels. Its product mix includes gasoline, gasoil, marine fuels and jet fuel, alongside transition fuels such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol, positioning the business to participate in Europe’s evolving energy mix. It has a diversified roster of Tier-1 customers, including global energy majors, leading industrial and chemical companies, and commodity traders. Its business model provides high revenue and cash flow visibility, backed by tenured customer relationships, average 99% commercial occupancy, and substantial part of revenue under take-or-pay contracts and CPI-linked contract base.

Earlier this year, Igneo had mandated Morgan Stanley to run a formal sale process which had seen keen interest from several global contenders including KKR, EQT and other financial sponsors and specialised PE buyout groups like Macquarie, Goldman Sachs Alternatives, Blackrock, pension funds like CPP Investments or operators like LBC Tank Terminals Chane, Exolum among others.

The Adani Ports’ shares erased gains to fall as much as 1.33% on Thursday, after the announcement. The shares closed 0.8% lower.

APSEZ’s International Ports portfolio sustained its strong momentum, delivering record revenue and EBITDA of Rs 3,586 crore and Rs 1,608 crore respectively, with the EBITDA margin reaching a record 44.8% in H1FY27. Volumes increased to 47 MMT from 17 MMT in H1 FY26. As of Q2 FY27, ended 30 September 2026, APSEZ had a cash balance of Rs 12,502 crore.

The Iran war and supply disruptions across the hydrocarbons and chemicals value chain has forced countries and companies to seriously evaluate energy storage and logistics. ET was also the first to report on August 18 that Aegis Logistics was closing in on $1.5 billion acquisition of Dubai-based Tristar Holdings and expanding the footprint of the oil and gas logistics company beyond domestic storage and distribution into international maritime transport, fuel distribution and aviation fuelling.

Last month, a trio of European companies — Evos, SEFE and Petrogas E&P — signed a non-binding memorandum of understanding (MoU) to explore technical, operational and commercial partnerships across the carbon dioxide (CO₂) transport and storage value chain.