Teddy Sagi sells 4.1% of Playtech to London hedge fund Boussard & Gavaudan

Updating Playtech Plc investors, company founder Teddy Sagi has filed an order to sell 13 million shares through his investment vehicle Brickington Trading limited to London hedge fund Boussard & Gavaudan.

Sagi will sell the equivalent of 4.1% equity in Playtech Plc at a price of 872.5p per share, closing a £113 million funding round.

Following completion of its sale, Brickington’s holding in Playtech will reduce to 56,582,169 ordinary shares, representing 17.8 per cent. of voting rights in Playtech.

In order to complete the sale, Brickington has been released from a prior 180-day lock-up arrangement following its sale of a 10% stake in Playtech in November 2016.

Following the Sale completion, Sagi’s Brickington has agreed not to sell any Playtech shares until 29 May 2017 at the earliest, subject to the same customary exceptions and UBS’s consent.

Hedge fund Boussard & Gavaudan has also agreed to a lock up arrangement on the Playtech shares they are acquiring from Brickington for the same period ending on 29 May 2017.

UBS has acted as sale book runner on behalf of Brickington.