Teddy Sagi sells 12% Playtech stake for £329m

Teddy Sagi

The Israeli billionaire's stake in the online gambling platform company has fallen to 21.6%.

Online gambling platform Playtech plc (LSE:PTEC) controlling shareholder, the Israeli billionaire Teddy Sagi, has sold a 12% stake in the company he founded for £329 million. Playtech had originally announced that Sagi would be selling a 10% stake but the amount of shares sold was raised due to heavy demand.

Sagi's Brickington Trading Limited sold 38.7 million Playtech shares, which comprise about 12% of the company, which has a market cap of £2.7 billion after the company's share price fell 8.71% today. Sagi's stake in Playtech fell from 33.6% to 21.6%, meaning he has relinquished the right to appoint two non-executive members to the board of directors.

The bookrunners in the deal were UBS, Cannacord Genuity and Credit Suisse. Brickington has agreed not to sell any more shares for at least 180 days.

Earlier this month, Playtech announced that it is buying UK company CFH Clearing for $120 million. CFH provides B2B liquidity solutions to brokers working with large banks.

The sale of the shares by Sagi is reportedly so that he can diversify his portfolio, which includes London's famous Camden Market held through Market Tech Holdings (LSE: MKT). Sagi boosted his London real estate portfolio last month with the $366 million acquisition of Holborn Links -34 properties comprising 465,000 square feet in Central London.

Published by Globes [online], Israel business news - www.globes-online.com - on November 30, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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