Adani Ports Agrees $2.88 Billion All-Cash Deal for Dutch Storage Operator Evos

Adani Ports and Special Economic Zone Ltd will acquire 100% of Dutch liquid storage operator Evos B.V. from Igneo Infrastructure Partners for an enterprise value of $2.88 billion, the company said in an exchange filing. TradingView carried the filing on November 5, 2026.

Adani Ports is India's largest commercial port operator, handling about 27% of national port cargo across 15 ports with 627 MMTPA capacity. Evos is Europe's second-largest independent liquid storage operator, with 6.3 million cubic metres of capacity across eight port-based terminals.

Adani Ports' All-Cash Deal for Evos

The proposed all-cash transaction values Evos at an equity value of 1.18 billion euros, or Rs 12,551 crore, implying an acquisition multiple of 11.7 times its CY25 enterprise value to EBITDA. Evos reported revenue of around Rs 4,168 crore and EBITDA of around Rs 2,329 crore in CY25, an EBITDA margin of 56%. Adani Ports will fund the acquisition through debt, and the deal is subject to regulatory and other approvals as well as works council consultation.

Bloomberg put the enterprise value at €2.56 billion ($2.9 billion), with the same equity value of €1.18 billion. Evos's terminals sit in the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean, across the Netherlands, Germany, Spain, Belgium and Malta.

"Evos marks an important milestone in APSEZ's trajectory towards handling 1 billion tonnes of cargo and building a truly global, integrated transport platform," said Karan Adani, Managing Director of APSEZ. The company said Evos would bring high-margin foreign currency cash flows supported by take-or-pay revenues and consumer price index-linked contracts.

Adani Ports' Earlier Evos Offer

On October 29, 2026, The Times of India reported that Adani Ports had submitted a binding $3.3 billion offer for Evos Terminals, a liquid storage operator with eight tank terminals across seven European ports. The report estimated Evos's 2025 EBITDA at $200 million and said a final decision was expected in the coming weeks.

Adani Ports' Cargo and Ratings Record

According to akta.pro company records, S&P Global Ratings upgraded Adani Ports to 'BBB' from 'BBB-' in June 2026, matching India's sovereign rating, with net debt-to-EBITDA falling from about 4x to about 2.6x. The same records show Adani Ports handled over 500 million tonnes of cargo in FY26 and targets 1 billion tonnes by 2030, against 653 MMT of operational capacity representing 27% of India's total port volumes.

Adani Ports' October Cargo Volumes

Adani Ports handled 51 MMT of cargo in October 2026, a 27% year-on-year increase, with dry cargo volumes rising 36% and container and liquid cargo each up 21%, ScanX reported. Year-to-date volume reached 331 MMT, up 16% year-on-year, while logistics rail volumes declined 10% on a year-to-date basis.