Teddy Sagi Successfully Offloads $430m Worth of Playtech Shares

The Israeli billionaire sold 11.5 percent more than initially intended in a secondary market offering

Yesterday Playtech announced that the company that is representing the interests of Israeli billionaire Teddy Sagi intends to sell 32 million shares of its interest in the gaming and trading giant. This morning the news is confirmed with the stake being offloaded successfully with an increase in the size of the block offering amounting to 4.5 million shares.

The deal, was closed at 924 pence per share, which is lower by about 7 percent when compared to yesterday’s closing price. Teddy Sagi cashes in

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$430 million (£337 million) and retains about 20.1 million shares, which is about 6.3 percent of the company’s holdings.

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The Israeli billionaire has been actively divesting away from the gaming company he founded since 2014. At present his main interests are in developing his real estate business after he bought a controlling stake in Tel Aviv-listed firm Brack Capital Properties. The company is focused on the German real estate market.

The secondary market placing is expected to settle on the 29th of June 2017. The company that is representing Teddy Sagi’s interest in Playtech, Brickington Trading has agreed not to dispose of any further Playtech shares for a period of at least 180 days.

Last November Teddy Sagi sold about 12 percent of the shares of the online gaming and trading giant, pocketing £330 million and exceeding the initial amount of shares he planned to sell by 20 percent. The sale was followed in March by another block of £113 million ($138 million at the time) which was offloaded to Boussard & Gavaudan.

Last time the secondary market offering took place, shares of Playtech dropped close to 7 percent at the market open on the next trading day.

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