Upon the completion of the mandatory share buyback offer, IPAS INDEXO will acquire an additional 1,862,021 shares of AS DelfinGroup, representing 4.09% of DelfinGroup’s total voting share capital. As a result of the share purchase, INDEXO will acquire 1,765,588 DelfinGroup shares, or 3.88% of the company, while through the share exchange INDEXO will acquire an additional 96,433 DelfinGroup shares, representing 0.21% of the company’s share capital. The mandatory share buyback offer was launched following a voluntary share buyback offer, which resulted in INDEXO already acquiring 67.42% of the total voting capital of DelfinGroup in January of this year.
The completion of the mandatory share buyback offer concludes a transaction that is unique in the Latvian capital market, whereby one listed company acquires another through a share exchange or purchase involving several thousand shareholders.
INDEXO launched the mandatory share buyback offer as required by law upon exceeding a 30% ownership threshold in a company’s share capital. Under the mandatory share buyback offer, DelfinGroup shareholders were offered the option to sell their DelfinGroup shares at a price of EUR 1.30 per share or to exchange their DelfinGroup shares for newly issued INDEXO shares, receiving one INDEXO share for every 7.3 DelfinGroup shares.
“The successful conclusion of the DelfinGroup transaction, in which a convincing majority of DelfinGroup shareholders chose to convert their shares, marks the beginning of a new development phase for INDEXO. This transaction in itself is unique in the Latvian capital market and has resulted in the creation of a company with a market capitalization of approximately one hundred million euros. However, the positive outcomes of this transaction will be even more significant. With DelfinGroup joining the INDEXO group, we will work intensively to implement various synergies opportunities between the two companies and to develop INDEXO into the leading local financial services group, providing Latvian residents with advantageous and easy-to-use financial services,” says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and one of INDEXO’s co‑founders.
With the completion of this transaction, the INDEXO Group becomes profitable on a consolidated basis and will finance the further growth of INDEXO Bank. As previously planned, DelfinGroup will continue to be a listed company and will continue paying dividends.
The planned settlement date of the mandatory share buyback offer is January 26, 2026.
