SlotsOnlineCanada Home PageNewsTeddy Sagi, Playtech Founder To Gain £316 Million Through Shares Sale

Teddy Sagi, Playtech Founder to Gain £316 Million Through Shares Sale

  • Published date24 July 2017

Teddy Sagi, who is founder of technology giant Playtech is looking forward to a gain worth £316 million after divesting around 10.1 percent of shares in the entity. Playtech, which owns the iPoker Network, stated to the London Stock Exchange a few days back on the issue. The statement reveals Brickington Trading Limited, the personal investment vehicle of Sagi was readied to take off 32 million shares approx in Playtech. After execution, his holding in Playtech is set to become 7.7 percent from existing 17.8 percent.

Playtech was set up in 1998 by Sagi. He has made over $1.35 billion from selling his shares in cash. Sagi had sold in March 2016 4.1 percent shares to Boussard & Gavaudan, a London hedge fund. It was a deal worth £113 million. That was before he sold 12 percent of his share in November 2016 for £330 million.

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Sagi is not on the Playtech board actively but he is still an advisor to to Playtech. But he cannot sell any more share for a period of 180 days as he is still a major shareholder in the entity. Shares in Playtech traded for 993.50 pence /share at the end of June 26. It reached a high of 1,016.00 pence / share three days back. After the news of Sagi’s divestment came in, Playtech shares fell to the limit of 962.50 pence / share but later recovered a bit later.

An Israeli entrepreneur, Sagi is now focusing on diversifying his portfolio in new investments and property. Playtech is also readying to diversify brand portfolio. It acquired Arisocrat Lotteries and bought a stake in Best Gaming Technology. It bought ECM Systems and unveiled sports betting app targeted at Apple Watch. Some of its other deals were not successful though.