Controlling shareholder of Playtech, Israeli billionaire Teddy Sagi has sold 12 percent of the online gambling platform which he founded. Sagi is pocketing £329 million ($412 million) from the sale.
The number of shares sold surpassed the initially announced 10%, 32.3 million shares of the company’s float, due to investor heavy demand.
Sagi’s company Brickington Trading Limited sold 38.7 million Playtech shares, which has a market cap of £2.7 billion after the company’s share price fell 8.71% today. Yesterday’s market close of 919 pence per share.
Sagi’s interest in Playtech will amount to 21.6% from 33.6% of the company’s shares, and he has relinquished the right to appoint two non-executive members to the board of directors. Brickington has agreed not to sell any more shares for at least 180 days. The founder of Playtech has reportedly been looking to diversify his investments and his stake in the company was one of the assets that he chose to partially offload.
Sagi’s portfolio includes London’s famous Camden Market which he holds through Market Tech Holdings. His London real estate assets expanded last month with the $366 million acquisition of Holborn Links -34 properties comprising 465, 000 square feet in Central London.
Playtech also announced earlier this month that it is buying UK company CFH Clearing, B2B liquidity solutions to brokers working with large banks, for $120 million.
Teddy Sagi says, “Playtech was my first company. I remain the largest shareholder and I am committed to its future. I also see huge potential in London, in both property and e-commerce. By bringing these sectors together, I think there are real opportunities to support new companies, create new ideas, and generate new jobs.”
Teddy believes the potential of e-commerce is vast and offers significant business opportunities as well as the possibility of creating large numbers of jobs in the future.
Teddy Sagi adds, “I’m enthusiastic about the possibility of further expanding into both property and e-commerce. I believe in establishing creative hubs, where start-ups, SMEs and entrepreneurs can work and network together. This is the way to create new ideas, prosperity and jobs in the modern world. The e-commerce and digital revolution has only just started and I am excited to be a part of it.”