India’s largest private port operator has agreed its biggest overseas deal yet, adding eight European storage terminals. The shares fell, because the price is being paid almost entirely with debt.
Adani Ports and Special Economic Zone (APSEZ) has agreed to buy 100% of Evos BV, a Netherlands-based company, from Igneo Infrastructure Partners. The all-cash deal values Evos at an enterprise value of €2.56 billion, about ₹27,200 crore, including debt. The equity is valued at €1.18 billion.
Evos is Europe’s second-largest independent liquid storage operator. It runs eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta, with total capacity of 6.3 million cubic metres. Its terminals handled about 37 million tonnes in 2025. The company stores fuels, chemicals and other liquids for traders, refiners and industrial customers.
The deal will take APSEZ to 28 ports and terminals across 10 countries. It still needs regulatory approvals and consultation with Evos’s works councils.
What Adani is paying for
The price is 11.7 times Evos’s 2025 EBITDA. That is not cheap, but liquid storage businesses usually command premium valuations because their revenues are steady. Customers sign long-term contracts to rent tank space, which makes cash flows predictable.
The margin is the main attraction. Evos earned an EBITDA margin of 56% in 2025. APSEZ’s existing international ports business earned 44.8% in the first half of FY27. Adding Evos raises the profitability of APSEZ’s overseas operations.
There is a strategic angle too. APSEZ is aiming to handle 1 billion tonnes of cargo a year by FY31. It said Evos would also give it exposure to newer fuels, including sustainable aviation fuel and biofuels, which are expected to need storage capacity as Europe moves away from fossil fuels.
Why the shares fell
APSEZ shares fell 1.3% to ₹1,884.60 on Thursday after the announcement.
The concern is funding. The deal will be paid for with debt. Japanese bank MUFG is the sole underwriter and has committed up to €2.8 billion. That means APSEZ is adding close to €3 billion of borrowing at a time when interest rates in Europe and the US remain high. The Bank of England raised rates on Thursday, and the Fed may raise them in December.
Timing adds a second question. Evos’s business depends heavily on European energy flows, which have been disrupted by the Iran war and the closure of the Strait of Hormuz. High fuel price volatility can be good for storage operators, since traders pay to store fuel while waiting for better prices. But it also makes the business harder to value.
The deal also continues a pattern. APSEZ has built its international business through acquisitions, including Haifa port in Israel, Gopalpur port and Astro Offshore. Each has added scale and profitable assets, and each has added debt. Investors will now want to see how quickly Evos’s cash flow can pay down the new borrowing.
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