Adani Ports and Special Economic Zone Ltd (APSEZ) has agreed to buy all of Evos B.V., a liquid storage company based in the Netherlands. The deal is valued at €2.56 billion and will be paid fully in cash, according to The Hindu BusinessLine.
Evos is Europe's second-largest independent liquid storage operator. The deal would take APSEZ from 20 to 28 ports and terminals. It is the company's first major entry into Europe's liquid storage business.
What happened
APSEZ announced the deal on Thursday, 5 November 2026. It signed the agreement the same day. It is buying a 100% stake from the current owner, Igneo Infrastructure Partners.
APSEZ won Evos through a competitive bidding process. In such a process, several buyers place offers and the seller picks one. A PTI report carried by The Hindu BusinessLine described APSEZ as India's largest port operator.
The deal is not complete yet. It needs regulatory approvals. APSEZ must also consult works councils, which are groups that speak for employees in many European companies. The company said this work will begin right away. The indicative timeline for completion is 15 months. If that holds, the deal would close around February 2028 (our calculation).
Law firms Linklaters and Cyril Amarchand Mangaldas are advising on the deal. Japanese bank MUFG is the sole underwriter.
What Evos does
Evos runs storage terminals at ports. Think of a terminal as a large warehouse, but for liquids. Ships bring in products such as fuels or chemicals. They are kept in big tanks and later moved on by ship, rail or road.
Evos has eight port-based terminals in five countries: the Netherlands, Germany, Spain, Belgium and Malta. Its sites are in key energy hubs. These include the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.
In calendar year 2025, Evos had storage capacity of 6.3 million cubic metres. Its throughput, or the total quantity that passed through its terminals, was 37 million metric tonnes (MMT). Its revenue grew from €323 million in 2023 to €392 million in 2025. That is a rise of about 21.4% over two years (our calculation).
The deal numbers
| Item | Figure |
|---|---|
| Enterprise value | €2.56 billion |
| Equity value | €1.18 billion |
| Evos revenue, CY2025 | €392 million |
| Evos EBITDA, CY2025 | €219 million |
| Evos EBITDA margin, CY2025 | 56% |
| Price multiple | 11.7 times CY2025 EBITDA |
| Financing committed by MUFG | Up to €2.8 billion |
The table shows the price, Evos's earnings in 2025 and the loan money lined up for the deal.
Two values are given. Enterprise value is the value of the whole business, including its debt. Equity value is the part that goes to the owners. The gap between them is €1.38 billion (our calculation). Such a gap usually reflects debt and similar items, but the reports do not break it down. The €1.18 billion may also change with closing adjustments.
EBITDA is earnings before interest, tax, depreciation and amortisation. It shows how much a business earns from its main work. The 11.7 times multiple means APSEZ is paying about €11.70 for every €1 of Evos's yearly EBITDA.
How the deal will be paid for
The first report calls it an all-cash deal. The PTI report says it will be funded through debt. These two points fit together. All-cash means the seller gets money, not APSEZ shares. APSEZ plans to borrow to raise that money. MUFG has committed up to €2.8 billion for this.
After the deal, the combined company's net debt-to-EBITDA ratio would be 2.76 times on a pro forma basis. This ratio shows how many years of EBITDA it would take to repay net debt. APSEZ expects to bring it down to around 2.5 times by FY2027.
APSEZ also has cash in hand. It held ₹12,502 crore as of 30 September 2026, according to The Hindu BusinessLine.
Why it matters to a common investor
APSEZ's international ports business is already growing fast. It posted record EBITDA of ₹1,608 crore in the first half of FY2027 (H1). Its volumes rose to 47 MMT from 17 MMT a year earlier.
Evos earns a higher margin than this business. Its EBITDA margin is 56%, against 44.8% for APSEZ's international ports. Put simply, Evos keeps ₹56 as EBITDA from every ₹100 of revenue. APSEZ's international ports keep about ₹44.80.
The company's managing director said Evos gives APSEZ "significant presence across key global liquid storage and energy hubs." He added that the company would maintain "the financial prudence that underpins our growth."
For a shareholder, the deal brings a bigger global business and a new type of income. It also brings more debt. Other Adani group firms are also planning large spends, such as the spending plans of Adani Airports. To compare APSEZ with a smaller Indian terminal operator, see our story on Allcargo Terminals' quarterly numbers.
Risks to keep in mind
- Approvals: Regulators or the employee consultation process could delay the deal or add conditions.
- Debt: The deal is funded by borrowing. Higher debt means higher interest costs. Meeting the 2.5 times target is the company's goal, not a certainty.
- Currency: Evos earns in euros, while APSEZ reports in rupees. Changes in the exchange rate can raise or lower the rupee value of those earnings.
- Price paid: At 11.7 times EBITDA, the deal depends on Evos keeping its earnings steady or growing.
- Energy changes: The managing director spoke of Europe's energy transition. Over time, the mix of liquids stored at such terminals could change.
- Running a new business: Bringing eight terminals in five countries into the group can take time and effort.
What to watch next
Watch for updates on regulatory approvals and the works council talks. Look at the final equity value after closing adjustments. Check how the net debt-to-EBITDA ratio moves in coming results, since the deal itself may take about 15 months to close. For official details, read APSEZ's filings on the BSE or NSE website. More company deals are explained on our business news page.
Words explained
- EBITDA: Earnings before interest, tax, depreciation and amortisation. It shows what a business earns from its main work.
- EBITDA margin: EBITDA as a share of revenue. A 56% margin means ₹56 of EBITDA from every ₹100 of sales.
- Enterprise value: The value of a whole company, including its debt.
- Equity value: The value that belongs to a company's owners.
- Net debt-to-EBITDA: Debt minus cash, divided by EBITDA. A lower number usually means debt is easier to repay.
- Pro forma: Figures shown as if the deal had already happened.
- Underwriter: A bank that promises to provide or arrange money for a deal.
- Works council: A group that represents employees and must be consulted on big changes in many European firms.
- Throughput: The total quantity of goods that passes through a terminal.
- MMT: Million metric tonnes, a unit for measuring large amounts of cargo.
- CY, FY and H1: CY is a calendar year, January to December. FY is India's financial year, April to March. H1 is the first half of a year.
Sources: The Hindu BusinessLine, PTI.
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