Playtech founder Sagi pockets £329m from sale of 12% stake

Israeli billionaire Teddy Sagi today bolstered his bank balance by £329 million after selling a 12% stake in the FTSE 250 gambling software firm Playtech that he founded in 1999.

Sagi’s vehicle Brickington Trading stepped up original plans to sell 32.3 million shares, or a 10% stake, to place 38.7 million shares due to “strong investor demand”, as he focuses on is property investments.

He secured a price of 850p a share — about 7% less than yesterday’s market close of 919p a share — and now owns just under 22% of the gambling business.

As the holding is now below 30%, Sagi cedes his right to appoint two non-executive directors to Playtech’s board.

Sagi said: “I will continue to be the largest shareholder in Playtech which is a company I believe will achieve significant growth over the coming years. I also see imminent opportunities in property and e-commerce and want to expand my interest in these sectors."

Banks that are cashing in fees from the sale include UBS, Canaccord Genuity, Credit Suisse and Shore Capital.

Sagi made his fortune through online gambling company Playtech. His investments include Camden markets landlord Market Tech. Playtech shares today fell 8.71p to 851p.