Adani Ports Agrees €2.56 Billion Deal for Eight European Terminals

Adani Ports and Special Economic Zone has agreed to buy Netherlands-headquartered liquid-storage operator Evos from Igneo Infrastructure Partners in an all-cash transaction that values the business at €2.56 billion. The agreement, announced on 5 November 2026, is a proposed acquisition rather than a completed deal: it remains subject to regulatory approvals and consultation with the relevant works council.

If completed, the transaction would move India’s largest private port operator into a network of eight European terminals handling fuels, chemicals and lower-carbon liquid products. The acquisition would also give APSEZ a physical position in five European countries at a time when terminals are being adapted to handle sustainable aviation fuel, biofuels, methanol and other transition products alongside conventional fuels.

What APSEZ is buying

Evos operates 452 tanks with 6.3 million cubic metres of total storage capacity across the Netherlands, Germany, Spain, Belgium and Malta. Its terminals include 63 vessel and barge berths. According to the official APSEZ transaction announcement, the network handled 37 million tonnes of throughput in calendar 2025 and averaged 99% commercial occupancy.

The portfolio stores and moves gasoline, gasoil, marine and jet fuels, sustainable aviation fuel, biofuels, methanol and bioethanol. That product mix matters because the assets are not simply static storage tanks: they are nodes linking ships and barges to refineries, airports, distribution networks and industrial customers.

A simple Agrilinkage calculation, using the capacity and tank count disclosed by APSEZ, puts average nominal capacity at about 13,900 cubic metres per tank. Dividing 2025 throughput by installed storage gives roughly 5.9 tonnes of annual throughput for every cubic metre of nameplate capacity. These ratios are descriptive, not measures of utilization: different products have different densities and turnover patterns.

The price and the financing

APSEZ said the enterprise value is €2.56 billion and the equity value is €1.18 billion. Evos reported 2025 revenue of €392 million and EBITDA of €219 million, equivalent to a 56% EBITDA margin. The disclosed enterprise value is about 11.7 times 2025 EBITDA, matching the transaction multiple stated by APSEZ, and about 6.5 times annual revenue.

The buyer plans to fund the acquisition with debt. Mitsubishi UFJ Financial Group has provided financing commitments of up to €2.8 billion, according to the company. APSEZ estimates that the combined group would have pro-forma net debt equal to 2.76 times EBITDA after the transaction, with leverage expected to move toward 2.5 times by the end of its 2027 financial year. Those leverage figures are management forecasts, not independently assured outcomes.

The distinction between enterprise and equity value is important. Enterprise value includes the value attributed to debt and other financing claims as well as equity, while the €1.18 billion figure represents the equity purchase price. The gap does not mean that €1.38 billion is automatically new borrowing by APSEZ; it reflects the transaction’s capital structure and adjustments.

Why a European terminal network changes APSEZ

APSEZ currently reports 671 million tonnes of annual cargo-handling capacity and says it handles about 27% of India’s port volumes. Evos would not add conventional container or dry-bulk port capacity. It would add specialist liquid infrastructure, long-term customer contracts and an operating presence in a mature European storage market.

The company says the acquisition would take its global network to 28 ports and terminals in 10 countries. That geographic diversification could reduce reliance on a single national market, but it also introduces European regulatory, labor, environmental and energy-transition exposure. The value of the purchase will depend on contract durability, renewal economics, maintenance needs and the pace at which terminals can profitably shift between product classes.

Food and agriculture links are indirect but real

The terminals do not primarily store food commodities. Their relevance to the physical food economy comes through marine fuel, road fuels, aviation fuel, methanol and other liquids that influence freight and industrial logistics. Fuel availability and terminal efficiency affect the cost and reliability of moving fertilizer, grain, refrigerated foods and processing inputs across European supply chains.

That does not make the acquisition a forecast of lower logistics costs. Terminal fees are only one component of delivered freight costs, and crude prices, refining margins, vessel supply, insurance, regulation and demand can dominate the outcome. The strategic significance is that APSEZ would control more of the infrastructure through which those energy products move.

What happens next

The companies have announced an agreement, not a closing. Investors and customers should watch the regulatory timetable, works council process, final financing terms and any remedies imposed by authorities. They should also examine whether Evos retains its 99% commercial occupancy, how capital expenditure changes, and how much of future volume comes from transition products rather than conventional fuels.

Methodology: Agrilinkage reviewed APSEZ’s 5 November 2026 announcement and calculated the revenue, storage and throughput ratios from the disclosed figures. Company forecasts and operating claims are identified as such. No interviews or site visits were conducted.

Cover image: original conceptual editorial illustration created for Agrilinkage. It depicts a generic European liquid-storage terminal and an India–Europe route; it is not a photograph of an Evos facility or the announced transaction.