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Playtech's Teddy Sagi gambles on gas exploration

17 May, 2010 16:02
שלח תגובה במיילAmiram Barkat

The online gaming tycoon is joining "Benjamin" license bidders Lapidoth Heletz and Zerah.

Israeli billionaire Teddy Sagi is set to gamble on gas and oil exploration. The founder of online gaming company Playtech Cyprus Ltd. (AIM:PTEC) is in advanced negotiations with Lapidoth Israel Oil Prospectors Corporation Ltd. (TASE: LAPD) unit Lapidoth Heletz LP. (TASE: LPHL) controlling shareholder Yaakov Luxembourg to set up a group, which will bid for the "Benjamin" license.

The agreement will be signed in the coming days as this week is the last for requests to be submitted for oil and gas exploration licenses to be discussed at the next meeting of the Oil Council.

Lapidoth Heletz announced 10 days ago that it would bid for the joint license with ZRAH) and would bring in a third party with a 10% stake. ,

Sagi, 37, made his fortune when he floated Playtech in 2006 for $960 million. His personal wealth is today estimated at $1.5 billion.

Luxembourg holds 79.8% of Lapidoth Heletz and is one of Israel's most veteran players in the gas exploration sector. In addition, businessman Moshe Hirschberg, who made the connection between Sagi and Luxembourg, is expected to join the new partnership.

There had previously been negotiations between the parties several months ago, which broke down. Within the new partnership Sagi will provide much of the capital, while Luxembourg will bring the know-how and experience.

Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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