Adani Ports to buy Dutch storage operator Evos for $2.88 billion

Adani Ports and Special Economic Zone said on Thursday it would acquire Netherlands-based liquid storage operator Evos B.V. for an enterprise value of €2.56 billion ($2.88 billion).

The deal is an all-cash transaction and values Evos at €1.18 billion. The acquisition is valued at 11.7 times its CY25 EV/EBITDA.

In CY25, Evos reported revenue of €392 million and EBITDA of €219 million, with an EBITDA margin of 56%.


The combined entity's net debt-to-EBITDA ratio is estimated at 2.76 times, based on APSEZ FY26 and Evos CY25 financials. This is expected to fall to around 2.5 times by FY27.

The acquisition will be funded through debt and is subject to regulatory approvals, other clearances and works council consultation.

“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform. We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs. 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,” said Karan Adani, Managing Director, APSEZ.

Evos is Europe’s second-largest independent liquid storage operator with 6.3 mn cubic meters of storage capacity at port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta.

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. Evos is an investment-grade rated issuer.