Adani Ports and Special Economic Zone will pay €2.56 billion, or about $2.88 billion, to acquire Evos B.V. from Igneo Infrastructure Partners, giving India’s largest private port operator a network of eight liquid-storage terminals across the Netherlands, Germany, Spain, Belgium and Malta. The equity portion of the transaction is valued at €1.18 billion and will be funded with debt, backed by a €2.8 billion financing commitment from MUFG.
The assets and the economics
Evos is Europe’s second-largest independent liquid storage operator. Its terminals hold 6.3 million cubic meters across 452 tanks, served by 63 vessel and barge berths and pipeline connections in the Amsterdam-Rotterdam-Antwerp corridor, Hamburg and the Mediterranean. The business generated €392 million of revenue and €219 million of EBITDA in 2025, a 56 percent margin, on 37 million metric tons of throughput covering gasoline, gasoil, marine fuels, jet fuel and a growing share of sustainable aviation fuel, biofuels, methanol and bioethanol. Adani said commercial occupancy has averaged 99 percent, with much of the revenue under long-term contracts.
The leverage and the logic
The purchase extends Adani’s footprint to 28 ports and terminals in 10 countries, a step toward the group’s stated goal of handling 1 billion tons of cargo annually. Karan Adani, managing director of APSEZ, described the deal as a milestone toward a “truly global, integrated transport platform.” The structure, debt-financed equity at €1.18 billion against an enterprise value of €2.56 billion, implies the buyer is assuming or refinancing roughly €1.38 billion of net debt. MUFG’s €2.8 billion commitment covers the enterprise value with headroom for fees and working capital.
What remains open
Closing is subject to regulatory approvals and works council consultation. No expected date was disclosed. The source does not specify a break fee, a walk-away condition, or the premium to Evos’s undisturbed valuation, leaving the cost of certainty unquantified.