Teddy Sagi sells stake in Bezeq parent

Sagi sold one third of his B. Communications shares at a 47% profit.

Internet billionaire Teddy Sagi has sold one third of his holding in Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) parent company B Communications Ltd. (Nasdaq:BCOM; TASE: BCOM), sources inform "Globes." The deal, outside of the stock market, will bring Sagi handsome returns of 47% on his investment (including dividends), that was made only seven months ago.

Sagi, who has made his fortune in online gambling, and is the controlling shareholder in Playtech Cyprus Ltd. (AIM:PTEC), bought 12% of B Communications shares for NIS 125 million (at NIS 35 per share, a 20% premium on the price back then). Since the purchase the share price has risen sharply and Sagi sold 1.2 million shares several days ago out of his 3.6 million shares at NIS 48 per share for a total of NIS 58 million.

Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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