Markets India

Adani Ports and Special Economic Zone (APSEZ) agreed to acquire Dutch operator Evos B.V. for €1.18 billion (₹12,511 crore), securing eight liquid storage terminals across Europe and 6.3 million cubic metres of capacity. The deal, valued at €2.56 billion (₹27,142 crore), positions APSEZ to capitalize on sustainable aviation fuel and biofuel demand.

Adani Ports Acquires Evos for €1.18 Billion, Expands European Footprint

The acquisition grants APSEZ control of Evos’ eight liquid storage terminals in five European countries, enhancing its logistics and energy infrastructure capabilities. Evos, which handled 37 million metric tonnes of throughput in 2025, operates at 99% commercial occupancy, with revenue heavily reliant on take-or-pay and CPI-linked contracts. APSEZ’s EBITDA margin of 56% for Evos contrasts with its 44.8% margin for international ports, highlighting the deal’s potential to diversify revenue streams.

The transaction values Evos at €2.56 billion, with MUFG providing €2.8 billion in financing. APSEZ’s cash balance of ₹12,502 crore as of July-September FY27 supports the all-cash deal. Evos’ customer base includes global energy majors, industrial firms, and commodity traders, offering APSEZ exposure to long-term transition fuels like sustainable aviation fuel (SAF) and biofuels.

The deal strengthens APSEZ’s competitive position in Europe’s energy transition but faces regulatory and works council approval hurdles. Evos’ reliance on long-term contracts could expose APSEZ to market risks if energy demand or pricing shifts. However, the acquisition diversifies APSEZ’s revenue, reducing dependence on India’s domestic market and leveraging high-margin, predictable cash flows from Evos’ contracts.

Stakeholders include Adani Ports, Evos, and investors facing portfolio shifts. European energy and industrial firms may face increased competition, while global port operators could see market disruption. The transaction’s success hinges on securing regulatory clearances and maintaining Evos’ strong customer relationships.

The deal requires regulatory and works council approvals, with MUFG’s €2.8 billion financing commitments in place. Evos’ operations will transition to APSEZ ownership following regulatory clearance.

Adani Ports’ €1.18 billion acquisition of Evos expands its European logistics footprint and diversifies its energy infrastructure portfolio.

Topics: Finance, Technology, Energy, Logistics, Acquisitions, Europe, India, Port Operations, Sustainable Energy

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Source: Business Standard