Adani Ports and Special Economic Zone (APSEZ), India’s largest port operator, on Thursday said it would buy a 100 per cent stake in Netherlands-headquartered Evos B V (Evos) from Igneo Infrastructure Partners in an all-cash deal at an enterprise value of €2.56 billion (₹27,142 crore).
The transaction values the equity of Europe’s second-largest independent liquid-storage operator at €1.18 billion (₹12,511 crore), APSEZ has informed the exchanges. The funding will be via debt and is subject to regulatory and other approvals and works council consultation.
Evos has eight port-based terminals across energy and industrial hubs in the Netherlands (Amsterdam East, Amsterdam West, Rotterdam and Terneuzen), Belgium (Ghent), Germany (Hamburg), Spain (Algeciras) and Malta.
The European operator’s storage capacity is 6.3 million cubic metres and it provides essential infrastructure for the storage, handling and transshipment of liquid products, including gasoline, gasoil, marine fuels and jet fuel, alongside transition fuels such as sustainable aviation fuel (SAF), biofuels, methanol and bioethanol.
For APSEZ, the move establishes a sizable European foothold, materially scales up and diversifies its liquids portfolio, and provides exposure to the long-term transition toward new-age fuels, it told the exchanges. “APSEZ intends to leverage its operating expertise and integrated logistics capabilities to strengthen the Target’s (Evos’) competitive position and support the long-term development of critical European trade infrastructure,” it said.
According to Karan Adani, managing director of APSEZ, the move fits into the port operator’s target of handling 1 billion tonnes of cargo and building a global, integrated transport platform.
Evos comprises 452 tanks, and 63 vessels and barge berths, and has several integrated pipeline connectivities (including Schiphol airport and Central Europe Pipeline System) and handled 37 million metric tonnes of throughput in 2025.
Evos’ customers include energy majors, leading industrial and chemical companies, and commodity traders.
According to APSEZ, its business model gives visibility of high revenues and cash flow, underpinned by tenured customer relationships, average 99 per cent commercial occupancy, and a substantial part of revenue under take-or-pay contracts and a CPI-linked contract base.
“Importantly, Evos adds high-margin, predictable hard-currency cash flows backed by high take-or-pay revenues and CPI-linked contract base, strengthening the quality, resilience and geographic diversification of APSEZ’s earnings,” its statement said.
Evos’ 56 per cent margin of earnings before interest, tax, depreciation and amortisation is above APSEZ’s H1FY27 “international ports” margin of 44.8 per cent.
As of July-September, APSEZ had a cash balance of ₹12,502 crore.
Japanese financier MUFG is the sole underwriter and has provided financing commitments for up to €2.8 billion for the proposed transaction.
Linklaters and Cyril Amarchand Mangaldas have acted as international and domestic legal counsel for APSEZ, it said.