TEGOS assisted the shareholders of the investment management company IPAS VAIRO in the sale of 100% of its shares to IPAS INDEXO. IPAS INDEXO is an investment management company that is part of the Latvian financial services group INDEXO, which also includes AS INDEXO Atklātais Pensiju Fonds and AS INDEXO Bank. As a result, INDEXO will integrate VAIRO into its group, including taking over the management of its pension assets. The transaction was signed on 11 July 2025 and completed on 29 September 2025, resulting in the full integration of VAIRO into the INDEXO group.
We provided IPAS VAIRO with full legal support necessary for the successful execution of the transaction, including assistance with drafting, negotiating, signing and implementing the transaction documents.
TEGOS Partner Andra Rubene advised IPAS VAIRO throughout the transaction, providing all necessary legal assistance.
The acquisition strengthens INDEXO’s position as a locally founded financial services group committed to increasing competition in Latvia’s financial sector. Following the transaction, INDEXO’s pension assets under management approach EUR 1.5 billion, with a combined client base nearing 200,000 across its pension and banking services.
About INDEXO
INDEXO is a Latvian-founded financial services group comprising an investment management company, a pension fund, and INDEXO Bank. With over 144,000 pension clients and EUR 1.34 billion in assets under management, INDEXO is one of the fastest-growing financial groups in the Baltics. INDEXO Bank serves more than 37,000 clients and is listed on Nasdaq Riga.
About VAIRO
VAIRO is a Latvian pension management company offering adaptive 2nd pillar pension plans tailored to clients’ age and financial goals. Since its founding in 2023, VAIRO has attracted nearly 14,000 clients and manages EUR 87 million in pension assets.
