Adani Ports and Special Economic Zone, India's largest port operator, agreed on Thursday to buy Netherlands-based fuel-storage company Evos from Igneo Infrastructure Partners at an enterprise value of 2.56 billion euros, a deal the company said gives it a sizeable foothold in Europe.

The all-cash deal values Evos's equity at 1.18 billion euros and prices the business at 11.7 times its 2025 earnings before interest, taxes, depreciation and amortization, according to the Adani Ports release. Business Today put the enterprise value at about $2.88 billion. Adani Ports, known as APSEZ, is paying entirely with borrowed money.

For investors in Asia, the deal is a test of how far Indian infrastructure groups will stretch their balance sheets to buy hard-currency cash flows abroad. It follows Affle 3i's agreement earlier this month to buy Israel's Perion for $420 million, though the Adani deal is several times larger and sits in a sector, energy logistics, where European regulators and worker representatives have a formal say.

What Adani Ports Is Buying in Evos

Evos describes itself as Europe's second-largest independent liquid storage operator. It runs eight port terminals in the Netherlands, Germany, Spain, Belgium and Malta, with 6.3 million cubic meters of storage, 452 tanks and 63 berths for vessels and barges, according to the release. Its sites sit in the Amsterdam-Rotterdam-Antwerp hub, in Hamburg and in the Mediterranean, and it has pipeline links that include Amsterdam's Schiphol airport and the Central Europe Pipeline System.

The terminals handled 37 million tonnes of product in 2025. Evos stores gasoline, gasoil, marine fuels and jet fuel, along with sustainable aviation fuel, biofuels, methanol and bioethanol.

The business is profitable and steady. Evos booked revenue of 392 million euros and EBITDA of 219 million euros last year, a 56% margin. Average commercial occupancy was 99%, and a substantial part of revenue comes from take-or-pay contracts, with the contract base linked to consumer prices, APSEZ said. Evos carries an investment-grade credit rating.

That margin is higher than APSEZ's own overseas operations. The Indian company said its international ports unit earned a record 44.8% EBITDA margin in the six months to Sept. 30, on revenue of 35.86 billion rupees and EBITDA of 16.08 billion rupees. Volumes at those ports rose to 47 million tonnes from 17 million a year earlier, helped by the ramp-up of Colombo West International Terminal in Sri Lanka, operations in Tanzania and the NQXT coal terminal in Australia.

After the deal, APSEZ will operate 28 ports and terminals across 10 countries, Business Standard reported.

How the Evos Deal Is Financed

MUFG is the sole underwriter and has committed financing of up to 2.8 billion euros, more than the enterprise value, the company said. APSEZ held cash of 125.02 billion rupees at the end of September.

The borrowing lifts leverage. Pro forma net debt for the combined group stands at 2.76 times EBITDA, based on APSEZ's results for the fiscal year ended March 2026 and Evos's 2025 figures, and the company expects that ratio to fall to about 2.5 times by the fiscal year ending March 2027.

Karan Adani, APSEZ's managing director, said in the release that Evos was "an important milestone" toward the company's goal of handling 1 billion tons of cargo a year. He added that the company would keep the financial discipline that supports its growth.

The price is lower than figures that circulated during the sale process. Kotak Neo, citing reports, said on Oct. 30 that APSEZ had made a binding offer of $3.3 billion for Evos in a competitive auction. The final agreed enterprise value of 2.56 billion euros is below that level, though the two figures may not be measured on the same basis.

Approvals Still Needed

The acquisition requires regulatory and other approvals as well as consultation with works councils, the employee bodies that must be heard on major deals in the Netherlands and other European countries. APSEZ said those processes would start immediately. Neither the company nor the press reports gave a target closing date.

Linklaters and Cyril Amarchand Mangaldas advised APSEZ on international and Indian law.

Investors will get the next read on the group's balance sheet when APSEZ reports results for the quarter ending Dec. 31, its first since agreeing to the Evos purchase.