Adani Ports and Special Economic Zone (ADANIPORTS) M&A announcement summary

Deal rationale and strategic fit

• 100% of Evos to be acquired from Igneo Infrastructure Partners; eight terminals across five countries, with 6.3 million cu m capacity and 37 MMT CY25 throughput.

• Strategic foothold in major European energy hubs, including ARA, Hamburg and the Mediterranean, with established blue-chip customers and local leadership.

• Broadens exposure across conventional and transition fuels, including SAF, biofuels, methanol and bioethanol, and adds euro-denominated hard-currency earnings.

• 99% average commercial occupancy; substantial revenue under take-or-pay, CPI-linked contracts supports predictable cash flows.

Financial terms and conditions

• All-cash acquisition at €2.56bn enterprise value and €1.184bn equity value, subject to closing adjustments; valuation is 11.7x CY25 and 11.4x CY26E EV/EBITDA.

• Debt-funded, with MUFG financing commitments of up to €2.8bn; planned debt cost is 4.5%, versus 6.4%–6.6% average funding cost across currencies.

• CY25 revenue €392m and EBITDA €219m, with a 56% margin; CY26E EBITDA is €225m.

• Pro forma net debt/EBITDA is 2.76x, expected to return to around 2.5x by FY27; double-digit ROCE targeted within 2–3 years from 7% currently.

Integration plans and timeline

• Completion expected within 15 months of November 5, 2026.

• Regulatory approval processes and works council consultation to start immediately.

• Leadership continuity planned; detailed business and five-year plans to be prepared with Evos leadership before closing.

• Initial focus on utilization, turnaround, efficiency and higher-value services; no near-term capacity CapEx planned.