The newly rebranded MRG Group (formerly Mr Green & Co) has confirmed that it has agreed to acquire Latvian online gambling firm 11.lv.
Updating the market, the governance of MRG has agreed to acquire a 75% stake in 11.lv for €2.8 million cash, valuing the Latvian operator at €3.7 million.
The acquisition sees MRG expand its presence within the Baltics (Estonia, Latvia and Lithuania), supporting the established presence of its subsidiaries’ RedBet and Mr Green.
“This is a major step in our strategy to expand into locally regulated markets”, details Per Norman, Group CEO of MRG.
“We foresee excellent growth opportunities for our strong Mr Green and Redbet brands also operating in the region.”
Confirming the transaction, MRG governance states that it has acquired Latvia’s third largest online gambling brand in 11.lv.
MRG’s new assets will remain in Riga, where 11.lv has 15 employees who will continue to be overseen by the company’s two founders.
“11.lv has a strong brand recognition in Latvia and will be the base for our expansion in the Baltics”, continues Per Norman.
“Our first step is to launch Mr Green in Latvia which, together with 11.lv, give us a broad, attractive offering for the Baltic market.”