Playtech has just filed a regulatory announcement via the London Stock Exchange (LSE) real-time news service. The company which has been representing the interest of Teddy Sagi in Playtech, Brickington Trading Ltd, has concluded selling his stake.
The final batch of the shares of the founder has now been offloaded to the market. Recent weeks have been difficult for Playtech investors as the value of the company was cut in half since the start of the year.
The Israeli billionaire has been diversifying his business over the past several quarters. He announced that he is planning to sell off his holdings in 2017. Since then the stock has been under pressure.
Timeline of Teddy Sagi’s Stake Selloff
The first major move by Teddy Sagi came in November if 2016. At the time he cashed in close to £330 million as he sold 12 percent of the company’s float. In 2017 he announced that another £400 million worth of shares is on the table.
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The real estate market has been one of the focuses of Sagi in recent years as he acquired London’s, Camden Market. In addition to that, he has been investing in a co-working space company in London and Tel Aviv.
The Israeli billionaire also made his first foray into blockchain in August of this year with an investment in Distributed Lab.
Back in September, Sagi’s company Northernstar Investments increased its stake in SafeCharge. He purchased about £13 million worth of shares from a company related to the CEO and co-founder David Avgi.
Earlier this month, Sagi’s Brickington Trading sold a relatively small stake of its holdings in Playtech. At the time the value of the transaction was close to £20 million.
The sale price of the latest batch has not been revealed. According to current market prices, the value of the shares could have netted Sagi close to £70 million.