Adani Ports agreed to buy Europe’s Evos liquid-storage network for €2.56 billion

What's going on here?

On 5 November 2026, Adani Ports and Special Economic Zone Ltd announced its first major foray into European liquid storage through a proposed acquisition of Evos B.V. The deal values the business at an enterprise value of €2.56 billion, including €1.18 billion of equity paid to seller Igneo Infrastructure Partners and assumed debt. Evos runs eight port-linked terminals with 6.3 million cubic metres of capacity in the Amsterdam-Rotterdam-Antwerp corridor, Hamburg, and Mediterranean hubs. Chief executive Ashwani Gupta told analysts APSEZ still has appetite for overseas assets that meet return hurdles without pushing leverage too high. Financing is euro-denominated debt underwritten by MUFG, with completion subject to regulatory approvals and works council consultation over roughly 15 months.

What does this mean?

Indian port operators have spent a decade buying terminals in Sri Lanka, Israel, Tanzania, and Australia. Liquid storage in Europe adds a fee-based revenue stream tied to fuel, chemicals, and transition products rather than container throughput alone. Evos reported 56% Ebitda margins and high occupancy on contracts that often include take-or-pay features, which can smooth earnings when Indian cargo volumes swing with monsoon or coal import cycles. The transaction lifts APSEZ’s international footprint to 28 ports and terminals across ten countries and moves it closer to a stated goal of handling one billion tonnes of cargo by FY31. Near-term leverage rises, with pro forma net debt to Ebitda around 2.76 times before management targets a step down toward 2.5 times by FY27.

Why should I care?

If you work in energy logistics, watch how APSEZ integrates European health, safety, and environmental rules with its Indian operating playbook. Shippers and traders routing fuel through ARA or Mediterranean hubs may eventually deal with an Indian parent on storage tariffs and biofuel slots. Investors in listed port and logistics names should compare contract quality and currency mismatch on euro debt against domestic volume growth. Follow competition clearance in Europe, MUFG drawdowns, and whether rivals such as VTTI or international oil majors respond with counter-bids or capacity additions.