Adani Ports acquires Evos in €1.18 billion deal

Adani Ports and Special Economic Zone ( ADANIPORTS ) will acquire 100% of Netherlands-based Evos B.V. in an all-cash deal. The transaction values Evos equity at €1.18 billion, with an enterprise value of €2.56 billion (₹27,142 crore). What stands out is not just the size of the acquisition, but the quality of the asset. Evos is Europe’s second-largest independent liquid storage operator, with 6.3 million cubic metres of storage capacity across key energy hubs including Amsterdam, Rotterdam and Hamburg. . Evos operates at around 99% commercial occupancy, with most revenues coming from long-term take-or-pay contracts. That creates predictable cash flows because customers pay regardless of actual storage utilisation. Many contracts are also linked to inflation, providing a degree of earnings protection. Europe's environmental and land-use regulations make it extremely difficult to develop similar storage assets from scratch. Adani Ports is effectively purchasing an established infrastructure network with high utilisation, strong margins and exposure to both traditional fuels and emerging fuels such as sustainable aviation fuel, methanol and bioethanol. The acquisition also strengthens diversification. Revenue generated in euros reduces dependence on the Indian market, while liquid cargo capacity rises from 46 million tonnes to 83 million tonnes. The global network expands to 28 ports and terminals across 10 countries. The key risk to watch is leverage, as the acquisition is debt-funded. Management expects net debt-to-EBITDA to be 2.76x post-deal, easing to around 2.5x by FY27. View: The deal appears strategically stronger than the market's initial reaction suggests. Future value creation will depend on integration, debt management and Evos maintaining its high occupancy and margins. Disclosure: This post is for informational and educational purposes only and should not be construed as investment advice.