Sagi bows out of Playtech, sells remaining shares

Teddy Sagi
Teddy Sagi

The Israeli billionaire will now focus on real estate, co-working spaces, e-commerce and high-tech ventures.

Globe Invest, Teddy Sagi's investment company, today sold its remaining shares in Playtech plc (LSE:PTEC), and following the deal Teddy Sagi is no longer a shareholder in the online gaming platform company that he founded 19 years ago.

The sale conducted today of 15,193,489 shares, worth $88 million, follows an additional sale two weeks ago and in total over the past two weeks, Sagi has sold a final 6.4% stake in Playtech through Credit Suisse.

The final sale of Playtech shares is in line with the Sagi Group's long term strategy of diversification and switching to investments in the real estate and high-tech sectors. As part of this, Sagi is investing in developing co-working spaces, e-commerce, and technological ventures. Since Sagi's decision in 2015, he has reduced his exposure to Playtech shares and the final sale today completes this process.

Playtech, which will mark 20 years since its establishment next year, has become the world leader in its field over the past two decades. The company held its initial public offering (IPO) on the London Stock Exchange in 2006.

Over the years, Sagi has expanded his operations in other areas of activity. Within this framework, he acquired London's Camden Lock market and other properties in the Holborn area. Sagi has also set up LABS, which operates in the co-working space sector, and is the controlling shareholder in cyber-security company KAPE (LSE: KAPE) and SafeCharge (LSE: SCH), which is engaged in online payment solutions and risk management. Sagi has also invested in other high-tech ventures in recent years, most of them founded by Israeli entrepreneurs. Last month he completed the acquisition of the operations of SAKAL Duty Free

Teddy Sagi said, “My focus for the last few years has been in real estate, co-working, service apartments, e-commerce and advanced technology, cyber-security and innovation companies. I consider myself part of Playtech’s successful history, and I am proud of what we have accomplished together since its inception. I wish it every success in the future."

Published by Globes, Israel business news - - on November 23, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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