IPAS INDEXO, the parent company of the INDEXO financial services group, submitted a merger notification to the Competition Council on August 12, 2025, regarding the acquisition of decisive influence over AS DelfinGroup. This step is part of preparations to launch a voluntary share buyback offer to DelfinGroup shareholders with the aim of gaining a majority stake in the company. The notification has been accepted for review.
Approval from the Competition Council is required because the combined turnover of INDEXO and DelfinGroup in the previous financial year within Latvia exceeded the threshold set by law.
“We are moving forward purposefully to soon make a voluntary share buyback offer to DelfinGroup shareholders. To proceed with the offer, we need approvals from supervisory authorities, including the Competition Council, as well as a decision from INDEXO shareholders regarding the share issuance. The goal of the transaction is to create one of the strongest locally-owned financial services groups in Latvia, which will enhance competition in the Latvian banking market and, through synergies, increase the value of both INDEXO and DelfinGroup,” said Valdis Siksnis, Chairman of the Management Board of INDEXO Bank and one of its founders.
As part of the transaction, DelfinGroup shareholders will be offered the option to exchange each AS DelfinGroup share they own for 0.136986 INDEXO shares. Alternatively, shareholders may choose to sell their DelfinGroup shares at a price of EUR 1.30 per share. A third option is to retain their existing DelfinGroup shares and continue participating in the company’s growth.
DelfinGroup’s largest shareholders have expressed their support for the proposed share swap and the overall transaction, reinforcing confidence that the set objectives will be successfully achieved.
About INDEXO
INDEXO is a financial services group that includes pension management companies and INDEXO Bank.
INDEXO, an investment management company licensed by the Bank of Latvia, offers modern 2nd and 3rd pillar pension plans in Latvia. It is one of the fastest-growing pension managers in the Baltics, with almost 145 thousand customers and more than EUR 1.4 billion assets under management.
INDEXO Bank, a credit institution licensed by the European Central Bank, serves over 39 thousand clients, with total client funds amounting to EUR 49.9 million and EUR 18.8 million in issued consumer loans.
Founded and headquartered in Latvia, INDEXO is a Nasdaq Riga-listed company with more than 6,400 shareholders. Its mission is to fight for a better financial environment in Latvia and strengthen the well-being of Latvian residents by providing modern and personalized financial services.
For more information visit www.indexo.lv.
Contact information:
Ieva Bauma
INDEXO Head of Marketing and Communications
E: ieva.bauma@indexo.lv
P:+371 28 636 789