Adani Ports and Special Economic Zone (APSEZ) has agreed to buy all of Evos B.V., a Netherlands-based liquid storage terminal operator, from Igneo Infrastructure Partners for an enterprise value of €2.56bn, the Indian group said on 5 November 2026. Reuters valued the transaction at about US$2.88bn.
Why Adani Ports and Special Economic Zone Limited (APSEZ) is buying Evos B.V. (100%, from Igneo Infrastructure Partners)
APSEZ describes Evos as Europe's second-largest independent liquid storage operator. Its eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta have 6.3m cubic metres of storage across 452 tanks, 63 vessel and barge berths and pipeline links that include Schiphol airport and the Central Europe Pipeline System. After the deal APSEZ would have 28 ports and terminals in 10 countries.
Deal terms and financing
The all-cash price implies an equity value of about €1.18bn and a multiple of 11.7 times calendar 2025 EV/EBITDA. Evos generated revenue of €392m and EBITDA of €219m in 2025, a 56% margin, on throughput of 37m tonnes and average commercial occupancy of 99%. The acquisition is debt-funded, with MUFG acting as sole underwriter for financing commitments of up to €2.8bn; APSEZ put pro forma net debt at 2.76 times EBITDA, falling to about 2.5 times by FY27.
Regulatory approvals and timing
Completion is subject to regulatory and other approvals and works council consultation. Maritime Gateway, citing the investor call, reported that completion is expected within 15 months and requires approvals in India and overseas.
Market context
Reports on 30 October had put Adani's binding bid at about US$3.3bn. Igneo Infrastructure Partners, the seller, is an infrastructure investment manager.
