Entain launches a $1 billion proposal for Olympic Entertainment Group in Estonia.

Olympic Entertainment Group, one of the largest gambling enterprises in the Baltic region, is being pursued by Entain. OEG is valued at $1 billion in the indicative cash offer. Entain’s proposal comprises a one-time payment to buy Olympic’s online company and operations in Lithuania and Croatia, as well as a performance-based earnout in early 2023.

Entain has become a hunter after being a target for acquisition for the most of 2021. In late October, US gaming business DraftKings Inc opted against making a concrete offer to buy Entain, which was preceded by MGM Resorts International’s deal in January, which also fell through.

Entain, formerly known as GVC Holdings Plc, has grown through acquisitions such as the 2017 agreement to buy Ladbrokes Coral Group Plc and the 2015 agreement to buy Bwin.party Digital Entertainment Plc. This year, Entain has made its own bids and purchases. Entain bought Swedish gaming company Enlabs AB to expand in the Baltics, and it also tried to buy Australian firm Tabcorp Holding’s wagering division.

According to Bloomberg, Entain would seek an option to buy OEG’s remaining operations in additional nations in early 2023 as part of the existing deal with Olympic. In exchange for concessions from bondholders, such as an extension of the loan maturity, Entain would also offer to pump money into that section of the firm before purchasing those assets.

Olympic operates in Estonia, Latvia, Lithuania, Slovakia, and Italy, and is one of the few remaining assets of London-based Novalpina Capital, which was a subsidiary of the NSO Group, which went bankrupt earlier this year and whose funds are now held by Berkeley Research Group. OEG, which Novalpina bought for $325 million in 2018, has grown through acquisitions that have allowed it to expand into new areas like as Romania and Croatia.

Entain’s stock was down 1.6 percent at the London closing on Friday, ending the day at its lowest level in two months.