Teddy Sagi sold block of shares in Playtech for £337 million
Teddy Sagi continues to sell shares in gambling software company Playtech plc. Through a placement by Brickington Trading Limited, Sagi has sold 36.5 million ordinary shares, representing approximately 11.5% of the issued share capital of the company at a price of 924 pence per share, Playtech said in a notice to the London Stock Exchange. The total proceeds are £337.26 million.
Following the placement, Brickington retains shares representing approximately 6.3% of the voting rights of Playtech. Brickington has agreed not to dispose of any further Playtech shares for at least 180 days.
According to the financial press in the UK, Sagi seeks to reduce his interest in online gambling, and his recent acquisition of Brack Capital, which invests in German real estate, is seen as part of this plan. The current sale follows sales of shares in Playtech in November 2016 and March this year for a total of some £417 million.
Playtech is currently traded at a price of about 937 pence, which is close to its all-time high.