Adani Group is considering a combination of equity and debt to finance its proposed $2.9 billion acquisition of Netherlands-based liquid storage operator Evos B.V., marking a significant step in the conglomerate’s international expansion. The financing plan could see the group contribute up to $1.45 billion in equity, with the remaining amount raised through loans from a syndicate of international and domestic lenders.
The proposed transaction, announced by Adani Ports and Special Economic Zone (APSEZ) earlier in November, is designed to give India’s largest private port operator a substantial presence in Europe’s liquid storage infrastructure market. The acquisition would also expand Adani Ports’ exposure to energy products and emerging fuels, including biofuels and sustainable aviation fuel.
How Adani Plans to Finance the Evos Acquisition
According to people familiar with the discussions, Adani Group is considering funding as much as half of the €2.56 billion transaction through equity. The proposed equity contribution could reach approximately $1.45 billion.
The remaining financing is expected to come through a syndicated loan involving multiple lenders. The arrangement is still being discussed, and the final size, structure and terms could change as negotiations progress.
Adani Group is also working on refinancing approximately €1.3 billion of existing debt at Evos, according to the report. This means the financing exercise involves not only funding the acquisition but also addressing the acquired company’s existing borrowing.
Mitsubishi UFJ Financial Group (MUFG) is the sole underwriter for the transaction and has committed financing of up to €2.8 billion, according to Adani Group’s November 5 announcement.
Other financial institutions reportedly being considered for participation include:
- DBS Group Holdings
- First Abu Dhabi Bank
- Barclays
- State Bank of India (SBI)
These lenders could join the financing arrangement when a formal invitation is issued. The debt package is initially expected to take the form of a bridge loan with a tenure of approximately 18 months. It could subsequently be refinanced through longer-term borrowing.
Why Adani Is Acquiring Evos
Evos operates liquid storage terminals across some of Europe’s important energy and industrial markets. Its infrastructure supports the storage, handling and transportation of petroleum products, industrial liquids and emerging energy commodities.
The acquisition will give Adani Ports access to eight terminals across five European countries: the Netherlands, Belgium, Germany, Spain and Malta.
The company’s infrastructure includes storage tanks, vessel and barge berths, and pipeline connections linking terminals with major industrial and transport facilities.
Key details of Evos include:
| Metric | Details |
|---|---|
| Enterprise value | €2.56 billion |
| Approximate dollar value | $2.9 billion |
| Equity value | €1.18 billion |
| Ownership being acquired | 100% |
| Number of terminals | 8 |
| Countries of operation | 5 |
| Storage capacity | 6.3 million cubic metres |
| Number of tanks | 452 |
| Throughput in 2025 | 37 million metric tonnes |
The transaction is expected to strengthen Adani Ports’ international network and diversify its business beyond its established Indian port operations.
Evos Could Strengthen Adani’s Energy Infrastructure Business
One of the main attractions of the acquisition is Evos’ position in the liquid storage market.
Its terminals handle conventional energy products such as gasoline, gasoil, marine fuels and jet fuel. The infrastructure also supports products associated with the energy transition, including sustainable aviation fuel, biofuels, methanol and bioethanol.
These products could become increasingly important as energy companies and industrial customers adjust their supply chains and fuel requirements.
Evos also offers an established customer base that includes major energy companies, industrial and chemical businesses, and commodity traders.
Adani Ports has highlighted the predictability of Evos’ business model. The company has reported average commercial occupancy of approximately 99%, with a substantial portion of revenue supported by long-term customer relationships, take-or-pay arrangements and inflation-linked contracts.
Evos’ reported EBITDA margin of 56% is also higher than Adani Ports’ international ports margin of 44.8% in the first half of FY27.
Such characteristics could make the acquisition strategically attractive because liquid storage infrastructure can generate relatively predictable cash flows when supported by long-term customer agreements.
A Major Step in Adani’s Overseas Expansion
The Evos acquisition fits into Adani Group’s broader plan to invest approximately $100 billion over the coming years.
The conglomerate has been expanding its presence across ports, logistics, energy, infrastructure and other businesses. For Adani Ports, international acquisitions offer an opportunity to build a network that connects important trade and industrial centres across multiple regions.
The company has also been strengthening its transshipment capabilities through investments and expansion projects at locations such as Vizhinjam in India and Colombo in Sri Lanka.
Evos would add a different but complementary business to this network. Rather than focusing only on container handling and conventional port operations, the acquisition would give Adani Ports a larger role in the storage and movement of liquid commodities.
The company’s management has previously outlined an ambition to handle one billion tonnes of cargo and develop a globally integrated transport platform.
India’s Acquisition Financing Market Is Changing
The proposed financing structure also reflects changes in India’s acquisition-finance market.
Regulatory restrictions on domestic banks financing corporate takeovers were relaxed, with banks permitted from July 1, 2026, to finance up to 75% of the value of corporate acquisitions under the revised framework.
This change could make it easier for Indian companies to pursue large domestic and overseas acquisitions with support from local lenders.
The Evos transaction could therefore become an important example of how international banks and Indian financial institutions participate together in financing major outbound deals.
Recent large acquisitions by Indian companies have also demonstrated the growing role of syndicated loans and mixed financing structures. Tata Motors’ acquisition of Iveco’s commercial vehicle business and Sun Pharmaceutical Industries’ purchase of Organon are examples of transactions involving substantial financing arrangements.
For lenders, the Adani transaction could provide an opportunity to participate in a large infrastructure acquisition with assets and customers spread across established European markets.
What the Deal Means for Adani Ports’ Financial Position
Although Evos offers strategic advantages, the financing structure will remain important for Adani Ports’ balance sheet.
The acquisition involves a substantial enterprise value, and the company will need to manage acquisition-related borrowing alongside its existing investment commitments.
The proposed equity contribution could reduce the amount of additional borrowing required for the transaction. However, refinancing Evos’ existing debt and replacing the initial bridge loan with longer-term financing will also influence the final cost of capital.
Credit rating agency S&P Global Ratings has indicated that Adani Ports can maintain its financial position and credit quality following the acquisition, while describing the transaction as consistent with the company’s growth strategy.
The acquired company’s operating performance, customer retention, financing costs and integration will all influence the eventual financial benefits.
The final impact will become clearer once the financing structure is completed and the acquisition receives the necessary approvals.
The Bigger Picture
Adani’s proposed acquisition of Evos reflects a broader shift in the ambitions of Indian infrastructure companies. Rather than concentrating exclusively on domestic assets, large Indian groups are increasingly looking to acquire strategic infrastructure in international markets.
For Adani Ports, the transaction is about more than adding eight European terminals. It provides access to established energy and industrial customers, hard-currency revenue streams and infrastructure that could support both conventional fuels and emerging energy products.
The financing arrangement is equally significant. A combination of equity, syndicated debt and participation from international and domestic lenders could help establish a funding model for future overseas acquisitions by Indian companies.
Looking Ahead
The immediate focus will be on finalising the financing structure, bringing additional lenders into the syndicated loan and completing the regulatory and other approval processes. The proposed 18-month bridge financing arrangement could later be replaced with longer-term debt, depending on market conditions and the final terms agreed by the lenders.
If completed successfully, the acquisition would give Adani Ports a larger international footprint and a stronger position in Europe’s liquid storage market. However, the long-term value of the deal will depend on Evos maintaining its customer relationships, generating stable cash flows and delivering the expected benefits without placing excessive pressure on Adani Ports’ balance sheet.
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