Teddy Sagi to sell £294m Playtech stake

Teddy Sagi
Teddy Sagi

The Israeli billionaire's stake in the online gambling platform that he founded will fall from 33.6% to 23.6%.

Online gambling platform Playtech plc (LSE:PTEC) has notified the London Stock Exchange (LSE) that its founder and controlling shareholder, the Israeli billionaire Teddy Sagi, is selling one third of his shares in the company.

Sagi's Brickington Trading Limited will sell 32.3 million Playtech shares, which comprise about 10% of the company, which has a market cap of £2.94 billion. Sagi can therefore expect to receive about £294 million for the shares, while his stake in Playtech will fall from 33.6% to 23.6%.

The bookrunners in the deal are UBS, Cannacord Genuity and Credit Suisse.

When the sale is completed, Brickington has agreed that it will not 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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