Playtech Founder Sells $138M Worth of Shares

Playtech founder and the company’s largest shareholder Teddy Sagi filed a sale of 13 million shares of this publicly owned company with the London Stock Exchange.

Teddy Sagi Sells a Share

In a deal which represents the sale of one-fifth of Sagi’s overall holding in the company, Playtech billionaire has forwarded his share of the company to the UK arm of Paris-based firm Boussard and Gauvadan.

Playtech shares were sold at a price of 872.5p each, which is accounts for 4.1% of Playtech’s issued share capital.

Mr Teddy Sagi pocketed $138 million of the sale.

The share sale was conducted through Sagi’s private company called Brickington Trading Limited, which is now required to end a 180-day lock-up which was agreed upon Sagi’s initial sale of Playtech shares back in November.

A new lock-up is pending consent from UBS, which stipulated that Boussard and Gauvandan, and Sagi will not sell any of the Playtech shares until 29 May.

Mr Sagi’s Switch of Focus

The Playtech founder decided to sell his share in the company in order to realise his plans which are related to diving into the London property business, co-working and e-commerce, it was revealed in a statement.

The latest sale of Playtech’s shares will leave Sagi with a 17.8% stake in the company.

The world’s largest supplier of online gambling software and services, Playtech has been making steady progress over the past pear. With a growing capital which currently stands at $579 million, Playtech continues to make business advances with aims to strengthen its position in the industry.

Playtech bought a bingo software company Eyecon earlier in February, whereas the company also acquired a rival operator Best Gaming Technology last year in a combined purchase worth $207 million.