Teddy Sagi reduces Playtech stake following £113m share offload
Israeli billionaire's total stake falls to 17.8% but remains the supplier’s single biggest shareholder
Playtech founder Teddy Sagi has reduced his stake in the egaming supplier to 17.8% after offloading 13 million company shares worth a total of £113m.
The Israeli’s Brickington Trading today announced it had agreed to sell shares to the UK arm of Paris-based asset manager Boussard & Gavaudan for 872.5p per share.
The Playtech shares were supposed to be held in lock-up until the end of May after Brickington Trading had agreed not to sell any for 180 days following its sale of 38.7 million shares in November.
However Brickington was released from the 180 day lock-up arrangement, with the consent of UBS Limited, to enable Boussard & Gavaudan to make today’s “significant investment”.
Sagi will still remain the largest single shareholder of the company after todays’s sale, with the billionaire owning 56.6m in shares worth approximately £500m.
Playtech recently reported a 12% rise in 2016 group revenues following strong growth in casino and the addition of numerous new acquisitions completed throughout the year.
Full-year revenues amounted to €708.6m (£599.6m), up from €630.1m (£533.3m) in 2015, while revenues from its flagship gaming arm grew 21% year-on-year to €643m.
The supplier’s share price was down 1.21% to 897p on the London Stock Exchange at the time of writing.