India's maritime infrastructure sector is witnessing a major international expansion as Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to acquire Netherlands-based Evos B.V., Europe's second-largest independent liquid storage operator, in an all-cash transaction valued at €2.56 billion.
The agreement, announced on November 5, 2026, involves the acquisition of a 100% stake in Evos from its existing investment owners. The proposed transaction represents a significant step in APSEZ's strategy to build a globally diversified integrated transport and logistics platform.
Editorial Insight
Key Highlights
Important points readers should notice.
Issue/Event: Adani Ports announces a proposed €2.56 billion acquisition of Evos B.V.
Location: India and five European countries – Netherlands, Germany, Spain, Belgium and Malta.
Authority/Organisation: Adani Ports and Special Economic Zone Limited (APSEZ) and Evos B.V.
Action Taken: Agreement signed to acquire a 100% stake in Evos through an all-cash transaction.
- Impact: APSEZ is set to expand its global network to 28 ports and terminals across 10 countries.
Through this acquisition, APSEZ will gain access to eight strategically located port-based liquid storage terminals across five European countries: the Netherlands, Germany, Spain, Belgium and Malta.
Evos has a combined liquid storage capacity of approximately 6.3 million cubic metres and handled around 37 million metric tonnes of throughput during calendar year 2025. Its infrastructure includes 452 storage tanks and 63 vessel and barge berths, supported by extensive pipeline connectivity.
The financial performance of Evos is another important factor behind the transaction. The company reported revenue of €392 million and EBITDA of €219 million in 2025, representing an EBITDA margin of approximately 56%.
Editorial Analysis
Why This Matters
The proposed acquisition is significant for India's international infrastructure ambitions. It will give an Indian port operator access to established European liquid storage infrastructure and important energy distribution centres. The transaction also provides APSEZ with an opportunity to diversify its international revenue streams and strengthen its presence in the global energy logistics market. Evos' exposure to conventional fuels as well as emerging products such as sustainable aviation fuel and biofuels could provide additional opportunities as Europe's energy industry evolves. For India's infrastructure sector, the transaction highlights the growing international ambitions of Indian companies seeking strategic assets in overseas markets.
The acquisition values Evos at an equity value of €1.18 billion, with an implied enterprise value-to-EBITDA multiple of 11.7 times based on its 2025 financial performance.
Evos operates in some of Europe's important energy and industrial centres, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. Its facilities handle conventional fuels such as gasoline, gasoil, marine fuels and jet fuel, alongside emerging energy products including sustainable aviation fuel, biofuels, methanol and bioethanol.
The proposed acquisition will therefore give APSEZ a stronger position in Europe's energy logistics and liquid storage industry while expanding its exposure to the changing global fuel market.
The transaction will be financed through debt. MUFG has provided financing commitments of up to €2.8 billion for the proposed acquisition.
According to the company, the combined entity's pro forma net debt-to-EBITDA ratio is estimated at 2.76 times, based on APSEZ's FY26 and Evos' CY25 financials. The ratio is expected to decline to approximately 2.5 times by FY27.
Following the acquisition, APSEZ's global footprint is expected to expand to 28 ports and terminals across 10 countries.
However, the agreement does not mean that the acquisition has already been completed. The transaction remains subject to regulatory and other approvals, along with the required works council consultation process.
For APSEZ, the proposed deal represents more than an overseas investment. It is an effort to strengthen its international infrastructure portfolio, diversify revenue sources and establish a larger presence in strategically important global energy markets.
