Adani Ports Pays €2.56bn for Evos, Buying Into Europe's Fuel Storage

Adani Ports and Special Economic Zone (APSEZ) has agreed to pay €2.56 billion ($2.88 billion) for Evos B.V., Europe's second-largest independent liquid storage operator, in a deal that hands India's biggest private port operator a substantial foothold on the continent. The announcement came Thursday, with APSEZ acquiring 100% of the Netherlands-based company from Igneo Infrastructure Partners.

The price works out to roughly €407 per cubic meter of storage. What Adani gets for that is concrete: eight port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta, sitting in Europe's core energy hubs — the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. The network holds 452 tanks with a combined 6.3 million cubic meters of capacity, served by 63 vessel and barge berths and extensive pipeline connections.

What does this change for shippers and carriers?

Evos moved 37 million metric tons of liquid cargo in 2025 — gasoline, gasoil, marine fuels and jet fuel among it. The portfolio also covers emerging fuels: sustainable aviation fuel, biofuels, methanol and bioethanol. That fuel-mix exposure is arguably the strategic point. Europe's marine and aviation fuel markets are shifting toward alternatives, and storage operators with the tanks to handle them sit in a favorable spot.

Financially, Evos is a tidy asset. It generated €392 million in revenue and €219 million in EBITDA in 2025 — a 56% margin that few port businesses can match. Adani says the terminals have held average commercial occupancy of 99%, with much of the revenue underpinned by long-term contracts. Storage, it turns out, pays rather well when the tanks are always full.

For APSEZ, the deal pushes its global footprint to 28 ports and terminals across 10 countries once completed. Its existing overseas operations span Sri Lanka, Israel, Tanzania and Australia. "Evos marks an important milestone in APSEZ's trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform," said Karan Adani, managing director of APSEZ.

How is the deal being financed?

The transaction carries an equity value of €1.18 billion, with the balance of the €2.56 billion enterprise price reflecting debt, and will be financed through borrowing. MUFG has provided financing commitments of up to €2.8 billion — comfortably above the headline price, which suggests headroom for costs and working capital.

Completion isn't automatic. The deal remains subject to regulatory approvals and works council consultation, and the companies did not announce an expected closing date. In the Netherlands and Germany, works councils have real procedural weight, so the timeline is a genuine open question.

The acquisition also lands against a busy backdrop for Adani's overseas port interests. Separately, a US agency that agreed to lend more than $500 million to an Adani Group-backed port development in Sri Lanka said it is still conducting due diligence on the project, according to a Bloomberg report by Dan Strumpf from Nov. 24, 2024.

The verdict

A 99%-occupied, long-contracted storage business with a 56% EBITDA margin is the kind of asset most port operators would quietly like to own. Adani has bought European energy infrastructure at a moment when the fuel mix it stores — SAF, methanol, biofuels — is the part of the market with visible growth. If regulatory approvals and works council consultations move briskly, expect APSEZ to keep leaning on debt-funded expansion toward that 1-billion-ton cargo ambition.