Teddy Sagi sells Playtech shares for $139m

Teddy Sagi

Sagi: Selling shares is part of a long-term strategy to diversify the group's business in real estate, shared work spaces, fintech, and ecommerce.

The share price of Playtech Ltd. (LSE:PTEC), billionaire Teddy Sagi's first source of wealth, is still at peak levels, and Sagi is still selling shares in the company, among other things in order to pay for his growing real estate business. Playtech, the world's largest provider of software platforms for gaming websites, today completed a fourth offer for sale, in which Sagi sold shares for £113 million ($139 million) at £8.725 per share. The preceding offer for sale was last November, and the company said that the success of both offers shows the appetite among investment institutions for its shares.

The shares sold by Sagi leave him with a 17.8% stake in the company having a current market value of $619 million. A check by "Globes" shows that since Playtech's March 2006 IPO, Sagi has sold shares for $1.4 billion. The wealth he derived from the company (including dividends, and after subtracting small numbers of shares purchased when the share price was low) is just over $2 billion. Playtech's current market cap is $3.5 billion, triple its value in its IPO 11 years ago.

Sagi said, "I believe that Playtech will continue to grow substantially in the coming years. Selling shares is part of a long-term strategy to diversify the group's business in real estate, shared work spaces, fintech, and ecommerce, in which we see business opportunities for us."

The Sagi group controls Market Tech, the owner of the Camden Market in London (Market Tech is listed on the London Stock Exchange at a $830 million market cap); online payment platform provider Safe Charge ($409 million); and Crossrider, which specializes in distributing apps and digital products ($104 million). Sagi also privately own the Holborn Links site in central London.

Sagi added, "Among other things, we intend to develop the group's real estate portfolio in London, and to lead the shared work spaces revolution. I want to use some of the most iconic properties in the UK capital to build creative centers for startups, small and medium-sized businesses, and entrepreneurs, who will be able to work, maintain a business community, and grow together."

Published by Globes [online], Israel Business News - www.globes-online.com - on March 15, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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