And acquires Baltic iGaming operator 11.lv
Mr Green has undergone a corporate rebrand to MRG as part of its 2020 strategy, now found at the mrggroup.com domain.
”MRG is a digital, high growth company with a significantly broader operation with more brands and larger geographical presence than a year ago,” Per Norman, CEO of MRG, said. “We invest in new innovative digital areas within iGaming and esports. MRG is reflecting our vision ‘Shape the future of the iGaming industry’.”
In related news, MRG has established operations in the Baltics with the signing of an agreement to acquire a majority share of Latvian gaming operator 11.lv.
”This is a major step in our strategy to expand into locally regulated markets,” Norman said. “We foresee excellent growth opportunities for our strong Mr Green and Redbet brands also in the Baltics.”
11.lv is a well-known Latvian iGaming brand with a focus on Sportsbook and the third largest licensed iGaming operator in Latvia. The operation will serve as a base for MRG’s expansion in the Baltics, initially with the launch of Mr Green in Latvia.
MRG’s 75 percent share holding will cost the company Euro 2.8 million based on an enterprise value of Euro 3.7 million. Two of 11.lv’s founders will remain with the company and retain a 25 percent shareholding.