Israeli entrepreneur Teddy Sagi has increased his stake in SafeCharge. According to a regulatory filing, he has purchased another four million shares to bring his total stake in the company to 68.34%.
The move comes as the Israeli magnate has been reducing his stake in Playtech, a company which he founded.
The other side of the transaction was a company related to the CEO and co-founder of SafeCharge, David Avgi. This is the first time he is cashing out of the company.
In recent years, SafeCharge has been expanding its reach way beyond gaming and trading. The company has several big clients such as Israeli Airline El Al, Sagi’s own Camden Market, Domino’s Pizza and others.
Sagi has executed his investment via Northenstar Investments Ltd; an IOM company fully owned by him.
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Commenting on the move, he said: “SafeCharge is an excellent payments and technology company with strong growth potential. It is an important part of our investment strategy and focus.”
Sagi’s company expanded its SafeCharge stake at a strike price of 325 pence per share. The stock is currently trading at around the same level, which is close to its all-time high marked earlier this year at 355 pence per share.
Teddy Sagi has been diversifying his business ventures via his family office Globe Invest. Aside from Playtech and SafeCharge, he is deeply vested in London’s second most popular tourist attraction, Camden Market.
Back in 2017 he also acquired a stake in Brack Capital Property. The company is developing several big real estate sites in Germany.
A spokesperson for Sagi’s family office Globe Invest said: “The additional shareholding in SafeCharge shows Northenstar and its shareholder Teddy Sagi’s commitment to the company. This latest move reflects his confidence in the future prospects of SafeCharge.”
Sagi also owns an interest in several other hi-tech companies such as Crossrider, Stucco Media, Glispa and ForkLog. Back in 2015 he also started a co-working space brand called LABS.