British betting firm Entain Plc is pursuing a takeover of Olympic Entertainment Group, one of the Baltic region’s largest gambling companies, people with knowledge of the matter said.

Entain made an indicative cash offer in recent weeks of more than $1 billion for the Estonian company, which runs casinos and online gambling sites in the region, according to the people, who asked not to be identified because the information is private. Shares of Entain were down 1.6% at the close Friday in London, ending the day at the lowest level in about two months.

Olympic is one of the few remaining assets from the portfolio of London-based Novalpina Capital, which owns NSO Group, developer of the controversial Pegasus spyware tool that’s come under fire for its use by autocratic governments to spy on journalists and activists.