Israeli billionaire Teddy Sagi has sold 36.5 million shares in Playtech plc in an accelerated secondary placing completed today, Tuesday.
Initially, 32 million shares were proposed for sale, however, Sagi’s Brickington Trading investment vehicle agreed to an increased placing due to “strong investor demand” from the collective bookrunners, Goodbody Stockbrokers UC, UBS and Shore Capital Stockbrokers Limited, Playtech said.
The placement represents an 11.5 percent stake in the company with each ordinary share sold for 924 pence, or a total of approximately GBP 337 Million. As Playtech wasn’t party to the share placement proposal, the Company won’t benefit from any proceeds of the sale.
Brickington, who still holds an approximate 6.3 percent voting share in the company, has agreed to hold any further share disposals for a 180 day period, Playtech advised.
Sagi’s investment interests are apparently focused on real estate and related investments, including flexible working hubs and e-commerce, which will be financed through the sale of the Playtech shares.