Adani Ports acquires Evos in €2.56 billion deal

Adani Ports and Special Economic Zone Ltd (NSE: ADANIPORTS) has agreed to acquire Netherlands-based Evos B.V. for €2.56 billion (₹27,217 crore), marking a major expansion of its European operations. Evos operates eight liquid storage terminals across five countries, with 6.3 million cubic metres of capacity and 37 MMT of CY25 throughput. It reported €392 million in revenue and €219 million in EBITDA, delivering a strong 56% EBITDA margin. The acquisition will increase Adani Ports' liquids cargo volumes from 46 MMT to 83 MMT and expand its global presence to 28 ports and terminals across 10 countries. My view: The strategic fit is attractive. Evos brings 99% average occupancy, long-term customer contracts and high-margin cash flows. Its 56% EBITDA margin is also above Adani Ports' international ports margin of 44.8% in H1 FY27. However, the deal is entirely debt-funded and valued at 11.7x CY25 EBITDA. The combined net debt-to-EBITDA ratio will be 2.76x, making debt reduction and integration key factors to watch. The transaction is expected to close within 15 months, subject to regulatory approvals. I view this as a long-term strategic positive, but execution and leverage remain key risks. Shares closed at ₹1,884.60 on November 5, down 1.33%. ADANIPORTS Disclaimer: This post is for informational purposes only and not a recommendation to buy or sell any securities. I, or my family, associates, or relatives, may have a financial interest in the securities mentioned.