Adani Ports Expands into Europe with €2.56 Billion Evos Acquisition
Indian logistics giant acquires European liquid storage operator to diversify global infrastructure assets.
1Strategic European Market Entry
Adani Ports and Special Economic Zone Ltd has announced its entry into the European market through the acquisition of Evos BV. This transaction, valued at €2.56 billion, marks the company's fifth international expansion in five years. Evos currently operates eight port-based terminals across the Netherlands, Germany, Spain, Belgium, and Malta.
2Financial Structure of Deal
The acquisition will be financed entirely through debt underwritten by the Japanese lender MUFG. Adani Ports will pay €1.18 billion in cash to Igneo Infrastructure Partners over the next 15 months. The company will also assume existing debt, bringing the total enterprise value of the transaction to €2.56 billion.
3Operational Capacity and Assets
Evos provides 6.3 million cubic metres of liquid storage capacity, handling fuels including gasoline, diesel, and biofuels. This addition significantly boosts Adani's global footprint, as the company currently manages 5.5 million cubic metres across five Indian ports. This move represents Adani's first liquid storage capacity asset located outside of India.
4Investment Criteria and Returns
CEO Ashwani Gupta stated that the Evos asset meets strict financial requirements, including a double-digit return on capital employed. The acquisition features a proforma leverage ratio of less than 2.5 net debt to Ebitda. These predictable cash flows are supported by long-term take-or-pay contracts, ensuring stability for the parent company.
5Growth and Global Ambitions
The deal aligns with Adani's long-term goal of handling one billion tonnes of cargo annually. By building an integrated global transport platform, the company aims to support Europe's sustainable energy transition. This acquisition follows the recent purchase of the North Queensland Export Terminal in Australia, further diversifying the firm's international portfolio.
6Corporate Financial Health
Adani Ports remains India's largest private port operator with 16 active ports and terminals. The company generated over ₹21,000 crore in cash during the 12 months ending 30 September. Despite holding ₹57,700 crore in gross debt, the firm maintains ₹12,500 crore in cash reserves to support its ongoing global expansion strategy.
7Market Context and Performance
Evos reported €392 million in revenue and €219 million in Ebitda for the year 2025. Following the announcement, Adani Ports shares closed 0.53% lower at ₹1,897 on the BSE. Meanwhile, the broader Sensex index rose by 2.6% following the outcome of the US midterm elections involving the Democratic Party victory.
8Future Acquisition Outlook
Management is currently evaluating 20 potential acquisition opportunities globally to continue its growth trajectory. CEO Ashwani Gupta emphasized that future expansion depends on maintaining financial prudence and avoiding overleveraging. The company continues to prioritize assets that provide immediate contributions to revenue and profit while expanding its presence in key international markets.