Adani Ports Agrees €2.56bn Deal for Europe's Evos Terminals
Adani Ports, India's largest private port operator, has agreed to buy Evos, a storage operator with terminals across five European countries. The €2.56bn deal gives the group a major foothold in Europe's energy and fuel storage market.
A port business built on tanks
A liquid storage terminal is a port site with large tanks, where fuels and other liquids wait between ship, barge and pipeline movements. Evos does this at eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta. It is Europe's second-largest independent operator in the field.
The sites sit in major energy hubs: the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. In total they offer 6.3 million cubic metres in 452 tanks, plus 63 vessel and barge berths and extensive pipeline connections.
Evos moved 37 million metric tons of liquid cargo in 2025. Gasoline, gasoil, marine fuels and jet fuel are on the list. So are sustainable aviation fuel, biofuels, methanol and bioethanol.
What the numbers say
For 2025 Evos reports revenue of €392 million and EBITDA of €219 million, a margin of 56%. Adani points to commercial occupancy that has averaged 99%. Much of the revenue rests on long-term contracts.
Who pays, and when it closes
Igneo Infrastructure Partners is the seller. Adani Ports and Special Economic Zone (APSEZ) takes 100% of Evos B.V. The deal was announced on Thursday. The price converts to $2.88bn.
The equity value is €1.18bn, and debt will fund the purchase. MUFG has committed financing of up to €2.8bn.
Two steps stand between signing and ownership: regulatory approvals and consultation with works councils, the bodies that represent employees. No closing date has been announced.
Where it fits in Adani's plans
Karan Adani, managing director of APSEZ, called Evos "an important milestone in APSEZ's trajectory towards handling 1 billion tons of cargo". Once the deal completes, the group's reach grows to 28 ports and terminals in 10 countries.
Demand for alternative marine and aviation fuels is growing in Europe. Evos already stores several of them, so the deal widens Adani's exposure to that market.
Adani Ports has already put money into ports and logistics abroad. Its existing overseas operations include terminals in Sri Lanka, Israel, Tanzania and Australia.
Source: gCaptain