Adani Ports and Special Economic Zone (APSEZ) has submitted a binding offer of $3.3 billion (€3 billion) for Evos Terminals, a pan-European liquid storage and terminals company, according to people familiar with the development . The bid, submitted earlier in the week as part of a competitive auction process, positions Gautam Adani's flagship company for a significant role in European liquid storage consolidation amid heightened energy security concerns . A final decision is expected in the coming weeks .
Evos, owned by Igneo Infrastructure Partners (a First Sentier Group company), operates eight tank terminals with a combined storage capacity of 6.4 million cubic meters at seven key European ports across five countries . Its portfolio includes storage for conventional motor fuels such as gasoline and diesel, alongside eco-friendly alternatives including bio-diesel, sustainable aviation fuel, green naphtha, bio-ethanol, e-methanol, and bio-marine fuels . The company's 2025 EBITDA was estimated at €200 million, implying a valuation multiple of approximately 15 times earnings .
The auction attracted intense interest from global infrastructure investors and financial sponsors. Competing bidders included KKR, EQT, Macquarie, Goldman Sachs Alternatives, BlackRock, and CPP Investments, alongside strategic operators such as LBC Tank Terminals and Exolum . Igneo had mandated Morgan Stanley earlier in 2026 to run the sale process, with Evos commanding an enterprise value near €3 billion based on its earnings profile .
The strategic rationale extends beyond traditional fuel storage. APSEZ CEO Ashwani Gupta stated on the company's earnings call: "Our strength is containers, so the first thing we look at is where opportunity is driven by containers. We are also considering liquid terminals because ports tomorrow may be a gateway to energy transition" . Evos reported in its 2024 sustainability report that 27% of the products it stores are non-fossil fuels, aligning with European regulatory pushes toward cleaner energy sources .
The bid follows a significant setback for APSEZ's overseas ambitions. The company recently lost a £10 billion pursuit of UK's Associated British Ports to Australian super fund IFM Investors . Despite that outcome, APSEZ management disclosed it is evaluating approximately 20 assets, including ports and terminals, as part of global expansion plans . Bloomberg also reported that Adani was weighing a similarly sized bid for Dutch energy storage group VTTI, indicating a broader strategic focus on liquid storage infrastructure .
APSEZ's existing international footprint includes four overseas facilities in Israel, Tanzania, Sri Lanka, and Australia, alongside 15 ports and terminals in India . Domestically, the company handles over 140 types of liquid cargo with a total cargo-handling capacity of 653 million metric tonnes . The Evos acquisition would provide immediate access to strategic European liquid storage hubs in the Amsterdam-Rotterdam-Antwerp region, Hamburg, Algeciras, and Malta—critical nodes for global energy trading and blending operations .
Market reaction to the bid was mildly negative. APSEZ shares fell as much as 3.1% in Mumbai trading following the news, before trimming losses to trade around ₹1,859, down approximately 0.7% . The stock had closed at ₹1,848.90 on the NSE on Friday, reflecting investor caution about the size of the outlay and the competitive auction outcome . For Adani Ports, the Evos bid represents a calculated bet that liquid storage infrastructure—bridging conventional fuels and emerging clean energy carriers—will deliver stable, long-term returns as Europe's energy transition accelerates.