Adani Ports agrees to buy Dutch liquid storage firm Evos at EUR 2.56 billion enterprise value
Adani Ports and Special Economic Zone told the stock exchanges it has agreed to buy all of Evos B.V. for cash, with an equity consideration of EUR 1,184 million, funded by debt.
Key points
- Adani Ports and Special Economic Zone disclosed on 5 November 2026 that it agreed to buy 100% of Evos B.V., a Netherlands-based liquid storage operator.
- The company puts the deal's enterprise value at EUR 2.56 billion and the equity consideration at EUR 1,184 million, paid in cash and subject to closing adjustments.
- The deal needs government and regulatory approvals in India and abroad, and the filing gives an indicative 15 months from 5 November 2026 to complete it.
Adani Ports and Special Economic Zone Limited (APSEZ) has agreed to buy 100% of Evos B.V., a liquid storage operator incorporated in the Netherlands, in an all-cash deal at an enterprise value of EUR 2.56 billion, according to its disclosure to the stock exchanges on 5 November 2026. The equity consideration is EUR 1,184 million, subject to closing adjustments; the investor presentation reaches that equity value by deducting EUR 1,374 million of net debt and debt-like items from an enterprise value of EUR 2,558 million.
What Happened
The company said it was selected as the successful bidder after a competitive bidding process and entered into an agreement on 5 November 2026. The filing names the sellers as F.S. Amelia S.à r.l. and Evos Manco B.V.; the company's media release says it is buying Evos from Igneo Infrastructure Partners.
Evos runs eight port-based terminals in the Netherlands, Belgium, Germany, Spain and Malta, with total storage capacity of 6.3 million cubic meters, per the filing. Its consolidated income was EUR 392 million in calendar year 2025, up 6.8% from EUR 367 million in 2024, and EUR 323 million in 2023. The release gives its 2025 EBITDA as EUR 219 million.
The filing says the deal is not a related-party transaction and the promoter group has no interest in Evos. The release says the deal will be funded via debt, and that MUFG, the sole underwriter, has provided financing commitments for up to EUR 2.8 billion.
What It Means
The investor presentation shows acquisition financing of Rs 12,597 crore and puts combined net debt after the deal at Rs 69,559 crore, against Rs 42,910 crore for APSEZ alone in FY26. On the company's figures, net debt would be 2.76 times EBITDA for the combined entity, against 1.88 times for APSEZ alone in FY26; the company says it expects the ratio to be around 2.5 by FY27.
The deal is not final. The filing says it is subject to government and regulatory approvals in India and relevant foreign jurisdictions, and the release adds a works council consultation. The filing gives an indicative 15 months from 5 November 2026 to complete the acquisition.
Source: BSE filing on Evos acquisition
Sources & Citations
- BSE filing on Evos acquisition — BSE Limited