Oslo-listed gaming operator and supplier Gaming Innovation Group (GiG) has agreed to acquire a majority stake in Croatian operator Top Games.

GiG has signed a share purchase agreement to acquire 75 per cent of the shares in Top Games, a company which qualifies for a remote gambling license, and plans to enter the online casino market in Croatia in the first half of 2020, subject to the conclusion of regulatory approvals.

The acquisition payment is solely based on a contribution of resources by the shareholders, with no cash being paid. The remaining 25 per cent of the business will be retained by Top Games, who will upfront the initial costs, with GiG providing rights of use of brand, a gambling platform and operational expertise.

Both companies will work together in the ongoing operation of the business.

“I’m excited to further expand our B2C business by entering another regulated jurisdiction,” said GiG acting CEO Richard Brown. “Croatia is a very interesting marketplace for gambling and supports our strategy to grow our own brands in high potential and regulated markets.

“GiG has a track record of creating responsible gaming experiences with a captivating UX. This is a good opportunity to showcase the strength of our online casino offering and our passion for providing end users with a safe, responsible and competitive online gambling experience.”

Shares in Gaming Innovation Group Inc (OSL:GiG) were trading at NOK7.38 per share in Oslo Wednesday morning.