Adani Ports to acquire Europe's second-largest liquid storage operator Evos for €2.56 billion

Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to acquire a 100% stake in Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, for an enterprise value of €2.56 billion. The acquisition is expected to strengthen APSEZ’s international footprint, taking its global network to 28 ports and terminals across 10 countries.

Announced on November 5, the proposed all-cash transaction involves acquiring Evos from Igneo Infrastructure Partners. The deal values Evos’ equity at €1.18 billion, representing an acquisition multiple of 11.7 times its calendar year 2025 EBITDA.

Evos reported revenue of €392 million and EBITDA of €219 million in CY25, translating into a margin of 56%.

The company operates eight port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta, with a combined storage capacity of 6.3 million cubic metres.

Its facilities are located in major European energy hubs, including Amsterdam-Rotterdam-Antwerp, Hamburg and the Mediterranean. Evos handled 37 million metric tonnes (MMT) of throughput in CY25.

Strategic expansion into Europe

The acquisition will provide APSEZ with a substantial European liquids storage platform and exposure to conventional and emerging energy products.

Evos handles gasoline, gasoil, marine fuels and aviation fuel, alongside transition fuels such as sustainable aviation fuel, biofuels, methanol and bioethanol.

Its business benefits from long-term customer relationships, average commercial occupancy of 99%, and substantial revenue backed by take-or-pay agreements and inflation-linked contracts.

“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.

What brokerages say

Brokerages have largely welcomed the acquisition, citing potential earnings accretion, improved profitability and stronger international diversification.

Jefferies maintained its ‘Buy’ rating with a target price of ₹2,180, expecting Evos’ return on capital employed (RoCE) to improve from around 7% to double-digit levels over the next two to three years.

JM Financial retained its ‘Buy’ recommendation with a ₹2,065 target, noting that the acquisition would more than double APSEZ’s liquid storage capacity. However, it expects a largely neutral near-term earnings impact.

Emkay Global maintained a ‘Buy’ rating with a ₹2,200 target, anticipating EPS accretion and double-digit RoCE by FY30, supported by sustainable fuels, blending and distribution opportunities.

Nuvama and Motilal Oswal also retained ‘Buy’ ratings, both assigning target prices of ₹2,170. Nuvama expects immediate EBITDA contribution following completion, while Motilal Oswal projects 17% revenue and 21% net profit CAGR over FY26-FY28.

Financing and outlook

The transaction will be debt-funded, with MUFG providing financing commitments of up to €2.8 billion.

APSEZ expects the combined entity’s net debt-to-EBITDA ratio to moderate from 2.76 times to approximately 2.5 times by FY27.

The acquisition remains subject to regulatory approvals and works council consultations.