Teddy Sagi continues Playtech shares sell-off with £337m deal
Company founder to use capital to invest in real estate and “flexible working hubs”
Playtech founder Teddy Sagi has successfully sold off an 11.5% chunk of Playtech shares for £337m, the supplier announced this morning.
The sale takes Sagi’s stake in the London-listed company from 17.8% down to 6.3%.
The deal was conducted through Sagi’s investment vehicle Brickington Trading, which has agreed not to dispose of any further Playtech shares for at least 180 days.
Playtech said the sale was being made to “further diversify Mr Sagi and his family’s investment portfolio and, in particular, to help finance a significantly increased focus on real-estate and real-estate related investments in respect of flexible working hubs and ecommerce.”
Sagi had originally announced an intention to sell 10.1% of the company on Monday, but increased the size of the placement after “strong investor demand”.
The deal went through at 924p per share, around a 7% discount from the market price, thanks to the volume of shares being traded.
It is the second major placement from Sagi in the last three months, after he sold 13 million shares for £133m back in March.
Playtech stock was down 3% to 959p in early trading on Tuesday.