Evos acquired by Adani Ports and Special Economic Zone

Adani Ports and Special Economic Zone agreed on 5 November 2026 to acquire the whole of Evos from Igneo Infrastructure Partners, for cash, at an enterprise value of €2.6bn and an equity value of {equity_value}, an EV/EBITDA multiple of 10x–18x on 2025 figures. Headquartered in the Netherlands, Evos operates terminals storing liquid fuels and chemicals at European ports, where its tanks receive cargoes from ships and pipelines, hold them on behalf of refiners, traders and industrial groups, and release them onward by vessel, barge, rail or pipeline. The company runs eight terminals across the Netherlands, Germany, Spain, Belgium and Malta, comprising 6.3 million cubic metres of capacity in 452 tanks, 63 vessel and barge berths and connections to the Schiphol and Central Europe pipeline systems. It employs more than 700 people, handled 37 million tonnes during 2025 and generated revenue of €250–500M with an EBITDA of €150–250M. The economics of the activity rest on capacity rather than throughput, since a substantial proportion of revenue arises under take-or-pay contracts indexed to inflation, under which the terminals earn whether or not the tanks are drawn upon. Commercial occupancy averaged 99% across the estate, and the resulting margin stands well above the level port operations generally return. Location governs the value of such assets, the terminals being situated in the Amsterdam-Rotterdam-Antwerp corridor, at Hamburg and in the Mediterranean, where European fuel flows concentrate, and sites combining deep-water access with tank consents cannot be replicated at those positions. The product mix extends across conventional fuels, including gasoline, gasoil, marine fuel and jet, alongside sustainable aviation fuel, biofuels, methanol and bioethanol, positioning the terminals for changes in the composition of European imports. For Adani Ports, the acquisition establishes its first European operations and extends its network to 28 ports and terminals across ten countries, the group having previously operated sixteen ports in India and four elsewhere. Linklaters and Cyril Amarchand Mangaldas acted as legal counsel to the acquirer.