Financial 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.