ne gambling software outfit Playtech has announced its co-founder Teddy Sagi has sold 12% of its stake in the company, ahead of the 10% originally planned, for £329m.

The company announced yesterday that Brickington had originally planned to sell around 32.2m shares, or an around 10% stake, via an accelerated book build through UBS Limited, Canaccord Genuity Limited and Credit Suisse Securities Ltd.

Owned by Sagi, Brickington Trading Limited is the largest shareholder in Playtech offloaded 38.7 million ordinary shares at the price of 850p apiece.

Sagi, who founded Playtech in 1999 will remain the largest shareholder, holding approximately 21.6% in the company. Brickington has also agreed not to sell any further shares in Playtech for a period of 180 days.

On Tuesday, business news sources reported Sagi’s reasoning behind the placing was undertaken to diversify the trust’s investment portfolio, which includes multiple UK property investments, tech financing and personal ventures. According to Playtech, Brickington and Sagi remain “highly committed” to the company.