Playtech founder Teddy Sagi has sold out his remaining shares in the gambling software company and moved on towards new undertakings according to his family office Globe Invest.
Globe Invest announced on Friday that Sagi sold nearly 15.2 million shares in the London-listed business which means he sold his final remaining 4.8% Playtech stake.
The sale has been divested via Brickington Trading for 446p a share which is somewhere around £87.2 million. Mr Sagi’s shareholding in Playtech was held through Brickington Trading, a subsidiary of a trust of which he is the sole beneficiary. This move marks the end of Sagi’s involvement in Playtech he founded back in 1999.
Following the latest update, Playtech shares rose to 455p which is still low following July’s profit warning when the value of shares plunged down by 30%. The highest price ever was in summer 2017 when a share was worth £10 which is more than twice today’s value.
This is just the final sale in a series of Sagi’s unloads as he gradually reduced his interest in the company in the last couple of years.
The Israeli billionaire started selling shares in the company in November 2016. In summer 2017 he cashed in on his majority holding to fund his move into real-estate investments and this move left him with only 6.3% stake in the company, meaning he wasn’t a majority stake holder any more. At the time, Sagi explained he shifted his focus to real-estate investment with a focus on creating flexible “shared-office” space for start-ups and entrepreneurs and that he still believes in the long-term success of Playtech.
The new competitive environment in Asia reduced significantly Playtech revenue in the second quarter and Sagi and other investors sold 8% of the shares earlier this fall.
Playtech supplies software to many online gaming and gambling companies including Paddy Power Betfair, William Hill and Betfred and has put focus on European and Latin America as key markets for compensation for what was lost in Asia.
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