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FinancialIndustry

Playtech thanks Teddy Sagi for "important input" after founder sells remaining shares

Playtech founder Teddy Sagi has sold his remaining shares in the company, the supplier has confirmed to Gambling Insider.

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Sagi had been lowering his stake in the company considerably over the course of several years and his final sale of 15.2m shares has recouped an approximate £68m ($87m), according to Reuters.

The shares, offloaded via Sagi’s Brickington Trading, were the equivalent of 5% of Playtech’s overall value.

The supplier said in a statement: "In Playtech, Teddy founded a world-class technology company. We would like to take this opportunity to thank him for this and for his important input in Playtech’s early years."

Both Playtech and Sagi faced recent pressure from activist investor SpringOwl Asset Management, its founder Jason Ader saying in September he "doesn’t have a sense the future of the company includes Teddy Sagi."

During its Q3 update, Playtech said it remains on course to achieve adjusted EBITDA of between €320m ($360m) and €360m for 2018.

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