Adani Ports and Special Economic Zone Ltd. agreed to buy Evos B.V., a Netherlands-based operator of fuel and chemical storage terminals, from Igneo Infrastructure Partners in an all-cash deal valuing the business at €2.56 billion, about $2.9 billion, including debt.
The Indian port operator said the purchase values Evos’s equity at €1.18 billion and represents 11.7x Evos’s 2025 earnings before interest, taxes, depreciation and amortization. Evos generated €392 million of revenue and €219 million of EBITDA last year, a margin of about 56%, well above the 44.8% Adani’s international ports business reported for the first half of its fiscal year.
Eight terminals, five countries
Evos is Europe’s second-largest independent liquid-storage company, with 6.3 million cubic meters of capacity in 452 tanks across eight port terminals: Amsterdam East, Amsterdam West, Rotterdam and Terneuzen in the Netherlands, Ghent in Belgium, Hamburg, Algeciras in Spain and Malta. It handled 37 million metric tons of throughput in 2025, including gasoline, diesel, jet fuel and marine fuels as well as biofuels, methanol and sustainable aviation fuel. Commercial occupancy averages 99%, and much of the revenue comes from take-or-pay contracts tied to inflation.
Debt-funded purchase
Adani will fund the deal with borrowings. MUFG is sole underwriter and has provided commitments of up to €2.8 billion. Igneo is the direct infrastructure arm of First Sentier Group, which is owned by MUFG, putting the bank on the financing side of a sale by an affiliate. Adani put pro forma net debt at 2.76x EBITDA and said it expects that to fall to about 2.5x by its 2027 fiscal year.
The acquisition lifts Adani’s network to 28 ports and terminals in 10 countries and gives it its first major European foothold beyond earlier offshore-services investments. Linklaters and Cyril Amarchand Mangaldas advised Adani. Regulatory reviews and works-council consultations are starting immediately; the company didn’t give a closing date.
