Adani Ports and Special Economic Zone, India’s largest private port operator, plans to buy Evos, the second-largest liquid storage operator in Europe with operations in Netherlands, Germany, Spain, Belgium and Malta
Mint reported that Adani Ports values Evos at $2.9 billion at current exchange rates, including debt. It will pay $1.3 billion in cash for 100% of the company over the next fifteen months, assume Evos’s debt, and fund the deal with debt of its own. The deal still needs regulatory approvals and consultation with Evos’s works council.
Evos runs eight port terminals across Europe. They hold 6.3 million cubic meters of fuel, including gasoline, diesel, marine fuels, jet fuel, sustainable aviation fuel and biofuels. Its customers include energy majors, industrial and chemical companies, and commodity traders. Adani Ports holds 5.5 million cubic meters across its five ports in India, so Evos gives it its first liquid storage capacity outside the country.
Evos reported revenue of $440 million and earnings before interest, taxes, depreciation and amortization of $246 million for 2025. Adani Ports said Evos earns a 56% margin on that measure, against 45% at its international ports, that its terminals run at 99% average occupancy, and that much of its revenue comes from take-or-pay contracts.
Karan Adani, managing director of the company, called Evos a step toward Adani Ports’s target of handling one billion metric tons of cargo. “We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth,” he said.
Evos is the largest deal Adani Ports has made, and its fifth overseas acquisition in five years. The company’s chief executive told analysts that Adani Ports is weighing twenty acquisition opportunities worldwide and still wants overseas acquisitions as long as it does not overleverage itself.
For American executives, the deal shows a company from India buying established fuel storage in Europe, with global energy companies among its customers.
