India’s Adani Ports to buy Dutch fuel storage giant
India’s Adani Ports has agreed to acquire Dutch liquid-storage operator Evos in a $2.9 billion deal that would give it eight terminals across five European countries, the company said on Thursday.
The acquisition will expand Adani Ports and Special Economic Zone’s (APSEZ) liquid-storage operations and establish a presence in European energy logistics, managing director Karan Adani said. India’s largest private port operator, which is controlled by billionaire Gautam Adani, already operates port assets in Israel, Sri Lanka, Australia, and Tanzania.
Under the deal, APSEZ will acquire all of the Netherlands-headquartered Evos from infrastructure investment manager Igneo Infrastructure Partners. Excluding debt, the deal is valued at around $1.33 billion.
Evos is Europe’s second-largest independent liquid-storage operator, with 6.3 million cubic meters of storage capacity across facilities in the Netherlands, Germany, Belgium, Spain, and Malta. Its terminals are located in major European energy and industrial hubs, including Amsterdam, Rotterdam, Antwerp, and Hamburg. They store and handle conventional fuels such as gasoline, diesel, marine and aviation fuels, along with biofuels, methanol, and sustainable aviation fuel.
The company generated around $442 million in revenue last year. The transaction remains subject to regulatory approvals and consultation with European employee representatives.
Once the Evos acquisition is complete, Adani Ports will have a presence in 28 ports and terminals across ten countries, the company said.
The deal comes a week after the Adani Group was reported to be among the potential buyers of another Dutch energy-storage operator, VTTI, a competitor of Evos.
