As a result of the voluntary share buyback offer, IPAS INDEXO will acquire 30 643 883 DelfinGroup shares, representing 67.42% of all voting share capital of DelfinGroup. Through the share exchange, INDEXO will obtain 28 207 565 DelfinGroup shares, or 62.06% of the company’s capital, while the share purchase will provide an additional 2 436 318 DelfinGroup shares, or 5.36% of the capital.
Within the framework of the voluntary share buyback offer, DelfinGroup shareholders were offered the possibility to exchange DelfinGroup shares for newly issued INDEXO shares at a ratio of one INDEXO share for 7.3 DelfinGroup shares, or to sell their DelfinGroup shares at a price of EUR 1.30 per share. The voluntary share buyback offer took place from 24 November to 8 December 2025.
“We have successfully concluded this unique transaction in the Latvian capital market and achieved our objective – to obtain a majority stake in DelfinGroup’s capital, which will allow us to build a significant local financial services group and realize the complementary synergies of both companies. As planned, both companies will continue to operate separately but will cooperate closely to provide Latvian residents with convenient and modern financial solutions – from payments and consumer financing to mortgage loans and pensions. Legally, DelfinGroup will become a subsidiary of INDEXO and part of the INDEXO Group, and our goal going forward is to maximise the value of both companies for all our shareholders,” says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and one of INDEXO’s co-founders.
The planned settlement date for the share buyback offer is 15 December 2025.
Immediately after the settlement of the voluntary share buyback offer, INDEXO will promptly submit an application to the Bank of Latvia requesting permission to launch a mandatory share buyback offer for the remaining DelfinGroup shares held by other shareholders. INDEXO intends to offer DelfinGroup shareholders the opportunity to sell or exchange their shares under the same terms as those applied in the voluntary share buyback offer.
INDEXO announcement on the results of the DelfinGroup voluntary share buyback offer
