SBC News Teddy Sagi sells 10% shareholding in Playtech Plc targeting $400 million cashout

Teddy Sagi sells 10% shareholding in Playtech Plc targeting $400 million cashout

Playtech founder Teddy Sagi continues to divest his shareholdings in the company, having issued a trading note detailing that personal investment vehicle Brickington Trading Limited is preparing to sell approximately 32 million share in Playtech Plc.

Updating investors, Brickington will place approximately 10.1% of Playtech issued share capital up for sale. At present value, Playtech Plc shares are valued at a 3-year high of 993.50p. Business news sources report that Sagi will likely target a $400 million (£316 million) sale for his latest share offload.

Once executed, the Israeli billionaire will dilute his shareholding in Playtech Plc from 17.8% to 7.7% of the firm’s equity and voting rights.

The share sale represents Sagi’s latest divestment in Playtech Plc. Last March, Brickington sold 4.1% -13 million Playtech shares – on behalf of Sagi to London hedge fund Boussard & Gavaudan, netting the company founder £113 million.

Reducing his main shareholding in Playtech, a technology company he founded in 1998, Sagi sold a 12% shareholding last November for £330 million. It has been reported that to date, Sagi has pocketed in excess of $1.35 billion in cash through selling his Playtech shares.

Sagi retains an advisory role within Playtech. As a major shareholder in the firm Sagi will be barred from selling any additional shares for a period of 180-days.

Cashing-in on his Playtech fortune, Sagi is reported to have diversified his investment portfolio in property and new technologies.

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