Adani Ports will buy Europe’s Evos, the second-largest liquid storage firm, in an all-cash deal with a $2.9B enterprise value.

Adani Ports and Special Economic Zone Limited, or APSEZ, said on Thursday that it has agreed to buy 100% of Netherlands-based Evos B.V. from Igneo Infrastructure Partners.

The buyer will pay entirely in cash. The deal is worth €2.56 billion once debt is counted. The shares alone are valued at €1.18 billion.

Evos runs storage terminals at ports. Energy majors, chemical makers and commodity traders rent space there to hold fuels and other liquids.

It has eight terminals across the Netherlands, Germany, Spain, Belgium and Malta, with 452 tanks and room for 6.3 million cubic metres.

It moved 37 million tonnes through those terminals in 2025.

Its tanks hold gasoline, gasoil, marine fuel and jet fuel, plus newer options such as sustainable aviation fuel, biofuels, methanol and bioethanol.

In 2025, Evos earned revenue of €392 million and operating profit (EBITDA) of €219 million, a margin of 56%.

In simple terms, it kept about 56 cents of every euro it brought in, before interest, tax and depreciation.

APSEZ pointed out that this beats the 44.8% it earned on its international ports in the first half of FY27.

On average, 99% of its storage space is rented out, APSEZ said.

Many customers sign contracts that pay for space whether they use it or not, with prices linked to inflation.

The purchase will be funded by debt. MUFG is the sole underwriter and has committed financing of up to €2.8 billion.

The deal is not complete. It needs regulatory approvals and consultation with Evos’s works council, which represents employees.

Managing Director Karan Adani called Evos an important step towards moving one billion tonnes of cargo and building a global transport platform. The move follows a busy half-year abroad.

APSEZ’s international ports earned revenue of Rs 3,586 crore and EBITDA of Rs 1,608 crore in the first half of FY27, and volumes rose to 47 million tonnes from 17 million.

It held cash of Rs 12,502 crore at 30 September. After the deal, APSEZ would run 28 ports and terminals in 10 countries.

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