Teddy Sagi cashes in on 10% of Playtech Plc

SagiFinancial news sources have reported this morning, that Teddy Sagi, founder of Playtech Plc has sold 10% of his equity in the FTSE-listed gambling technology supplier.

The news sees Sagi one of the UK’s richest businessmen reduce his stake in Playtech from 33.6 to 23.6%.

The sale transaction of 32.2 million shares will be carried out by Sagi’s investment firm Brickington Trading Limited (Brickington). Sagi is expected to receive an earn-out of approximately £294 million, at present Playtech Plc has a market cap of £2.94 billion.

Investment banks UBS, Canaccord Genuity and Credit Suisse have been appointed as the sale’s book-runners by Brickington. When the sale of Sagi shares is complete, Brickington has informed that it will not sell any more of its client’s equity for at least 180 days.

This November, Playtech governance confirmed  that the company would acquire UK company CFH Clearing for $120 million, a provider of B2B liquidity solutions financial trading enterprises.

Business news sources have reported that Sagi decided the share sale, in order to diversify his current business portfolio, which includes multiple UK property investments, tech financing and personal ventures.

Check Also

Aristocrat welcomes Playtech sale of Finalto division

Aristocrat Leisure has made progress in its prospective acquisition of Playtech, after stakeholders of the …

Gopher withdraws from Playtech bidding war

Gopher Investments has withdrawn from its pursuit to acquire Playtech Plc, confirming that it will …

Playtech confirms JKO approach as bidding war looms against Aristocrat takeover

The board of Playtech Plc has moved to confirm media speculation that it has been …