The online casino and gambling software developer Playtech officially revealed that its co-founder Teddy Sagi has disposed of 12% of his stake in the company at the price of £329 million, which accounts for 850 pence per share. The stake that has been sold was larger than the 10% that were originally planned to be traded.
In the statement confirming the deal, Playtech revealed that the placing is planned to settle on Friday. The company also emphasized on the fact that it is not party to the placing, so no proceeds from the transaction will be transferred to its financial actives. The online software provider explained that the placing was carried out through UBS Limited, Credit Suisse Securities (Europe) and Canaccord Genuity Limited.
Brickington Trading Limited, which is owned by Sagi, has initially revealed it intended to dispose of a total of 32.3 million shares in Playtech. However, at the end, it sold 38.7 million shares as a result of the increased investors’ demand.
After the sale is finalised, Sagi’s interest in the Isle of Man-based gambling content software provider will amount to 21.6% of the developer’s shares. According to recent media reports, the co-founder of Playtech has been looking to diversify his investment portfolio that currently includes personal ventures, UK property investments as well as tech financing. This was exactly why he decided to partly offset his stake in the company. His company Brickington Trading has agreed to set a 180-day period over which no more shares in the online gambling software supplier will be sold.
Teddy Sagi established Playtech back in 1999. After the sale he is to remain the company’s biggest shareholder, with an interest of more than 20% in the developer. The decreased holdings in the company, however, no longer provides Teddy Sagi with the right to appoing two non-executive directors to the developer’s Board of Directors.
The news of the shares sale comes at a time when the Isle of Man-based online gambling software provider has finalised the takeover of a 70% stake in the Denmark-based technology company Consolidated Financial Holdings. Playtech has also revealed that the remaining 30% stake of CFH is planned to be acquired in 2019.
- Author
Olivia Cole
