Teddy Sagi’s holding company, Brickington Trading Limited is set to sell its 10.1% stake in online gambling giant Playtech.
In an announcement after the market had closed, Playtech revealed that Sagi was to sell approximately 32 million Playtech shares in a bid to diversify his investments and to help finance a significantly increased focus on real estate.
It was recently announced that Sagi purchased a 29% stake in Market Tech Holdings, the real estate company behind London’s Camden Market.
The sale will mark the first time that the Israeli billionaire has owned less than 10% of the company that he founded back in 1999, reducing his hold in the company to 7.7%.
Playtech shares closed yesterday at £9.93, after setting an all-time high record of £10.20 earlier in the day. The proposed share sale brought in around £337m to Brickington and Sagi.
The sale will terminate Sagi’s role as a special major shareholder due to the fact that Brickington Trading’s hold in the company has fallen below the 15% threshold. However, Sagi will retain an advisory role at the multi-million pound company.
Moreover, following the sale, Sagi’s firm will be barred from selling any additional shares for at least 180 days.
The recent sale follows another stock offload back in March, where Sagi sold off £113m worth of shares to Boussard & Gavaudan.