Stockholm-listed betting and gaming operator MRG has completed its acquisition of Latvian iGaming operator 11.lv, with plans underway to launch the Mr Green and Redbet brands in the market.
MRG announced it would acquire a 75 per cent stake in 11.lv, which holds licences for licences for betting, casino and live casino in Latvia, in May this year. It paid a purchase price of €2.8m for its stake, with the company's founders to retain the remaining 25 per cent and continue to manage the business.
The operator noted that it expects the acquisition to have a positive impact on its revenue, profit and cash flow in its 2018 results.
The company also announced that it is to pay an additional €1.5m consideration for Evoke Gaming, operator of the Redbet brand, after the integration of the business was completed faster than expected, generating larger synergies as a result.
MRG will pay the additional €1.5m for Evoke, having agreed a €7m deal to acquire the business from Bonnier Growth Media in December 2017. The additional consideration was to be paid if certain considerations were met.
The integration was completed ahead of schedule, and synergies are now expected to reach SEK40m, above the SEK25m to 35m range originally stated.
"We are pleased with the development of Evoke Gaming," Norman said. "We experience a strong growth in both revenue and customers and has far advanced plan to launch Redbet in Mr Green's existing markets."
Shares in Mr Green & Co AB (STO:MRG) were trading down 0.80 per cent at SEK46.13 per share in Stockholm Monday morning.