Heliad Equity Partners - Plans to merge with FinLab

Heliad Equity Partners (HEP) saw a decline in its NAV per share between end-2021 and end-March 2023 of c 48% to €7.35, mostly on the back of the de-ratings of listed holdings (in particular flatexDEGIRO), as well as an NAV dilutive share issue in March 2023. That said, the valuations of HEP’s private holdings have remained largely resilient during recent funding rounds, and Enpal even carried out a new round in Q422 at a significant uplift to its previous valuation. Moreover, flatexDEGIRO’s share price has rebounded by c 32% in the year to date. HEP recently announced its intention to enter into merger negotiations with FinLab (its major shareholder and owner of HEP’s investment manager).