ADANIPORTSAdani Ports and Special Economic Zone Ltd.
Adani Ports and Special Economic Zone agrees to buy 100% of Netherlands' Evos B.V.
- Mergers & acquisitions
- Ports and logistics
Reviewed byRachit TripathiBlacklitt Research
Adani Ports and Special Economic Zone (NSE: ADANIPORTS) has entered into an agreement to acquire 100% of Evos B.V. from F.S. Amelia S.à r.l. and Evos Manco B.V., it said in a filing on 05 Nov 2026. The enterprise value is €2.56 billion and the transaction is all-cash, with the equity consideration at €1.18 billion.
What the acquisition brings
Evos is incorporated in the Netherlands and is described as Europe's second-largest independent liquid storage operator. It runs eight port-based terminals across seven ports in five countries, with a total storage capacity of 6.3 million cubic meters and 37 MMT of throughput in CY25.
The company says the deal extends its global footprint to 28 ports and terminals across 10 countries, and that Evos's 56% EBITDA margin on CY25 EBITDA of €219 million is above the 44.8% International Ports margin it reported for H1 FY27. Karan Adani, Managing Director, said Evos marks an important milestone in the company's trajectory towards handling 1 billion tons of cargo.
Funding and approvals
The transaction will be funded via debt, with MUFG as sole underwriter and financing commitments of up to €2.8 billion. The company says pro forma net debt-to-EBITDA for the combined entity is 2.76x and is expected to be around 2.5x by FY27.
Completion is subject to government and regulatory approvals in India and relevant foreign jurisdictions, and to works council consultation, which the company says will start immediately. The indicative completion period is 15 months from 5 Nov 2026.
What the Evos agreement means for Adani Ports and Special Economic Zone's shareholders
The company would take on Evos's operations and a debt-funded financing package, with the combined net debt-to-EBITDA figures it gives. Evos's trailing profit and the company's own earnings after the deal are not stated, and the price per share is not stated either. Whether the financing will be drawn in full, and whether the deal has closed, are also not stated.
The next dated step is the indicative completion window of 15 months from 5 Nov 2026, subject to the approvals still to come.
At a glance
| Item | Detail |
|---|---|
| Target | Evos B.V. (incorporated in the Netherlands, 5 Dec 2019) |
| Sellers | F.S. Amelia S.à r.l. and Evos Manco B.V. |
| Enterprise value | €2.56 billion |
| Equity consideration | €1,184 million for 100%, subject to closing adjustments |
| Agreement date | 05 Nov 2026 |
| Indicative completion | 15 months from 5 Nov 2026 |
| Financing | Debt; MUFG commitments of up to €2.8 billion |
Filed with BSE on . Reference: Original filing (PDF)
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