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AvaTrade denies Teddy Sagi’ PlayTech acquisition rumours

Teddy Sagi PR

Media reports have revealed that Israeli billionaire Teddy Sagi‘s Playtech has bought the currency trading platform AvaTrade, this according to a source with knowledge of the deal.

According to Reuters, the purchase exercises an option held a month ago when UK-based Playtech sealed the purchase of another online trader, markets.com, the latest in a series of acquisitions made by Sagi.

Israeli financial newspaper Calcalist reported on Monday that Sagi was in advanced talks to buy AvaTrade for $100 million. It said AvaTrade had an operating profit of $20 million in 2014.

But reporter Mike Fox of LeapRate has learned from senior sources at AvaTrade, as well as Ava’s ownership group, that recent rumors regarding the company’s pending sale to Teddy Sagi’s PlayTech PLC (LON: PTEC) or other Sagi owned entities which include recently acquired AvaTrade competitor Markets.com (Safecap Investments Ltd) ” …are totally untrue.”

Mike Fox claimed that PlayTech buying Markets.com was a deal between two Teddy Sagi controlled companies, where he essentially folded ownership of his online trading business, Safecap Investments Ltd which included Markets.com and TopOption.com, into the  publicly traded PlayTech.

AvaTrade which is majority owned by its two co-founders Emanuel Kronitz and Negev Nosatzki has no ownership in,  or connection to, any of these companies.

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