Home ❯ News ❯ Playtech Founder Sells 20% of His Shares
Advertiser Discolusure We want to bring you the best content and the best offers. Just so you know, we may collect compensation from the links on this page and some of our reviewers are compensated for contributing content to this website.
Playtech Founder Sells 20% of His Shares
Playtech is a one of the leading names when it comes to providing gambling software, but as that usual happens, the company’s beginnings were very humble.
The story of success started all the way back in 1999, when Teddy Sagi founded the company in Tartu, Estonia.
Source of Success
Two years later, Playtech launched its first casino product and started a journey which led them to the very top. Their client list includes some of the leading names in the gambling industry, such as William Hill, Ladbrokes, Bet365 and many more.
At present, Playtech is the world’s largest supplier of online gambling software and services. With nearly $580 million in capital, the company is constantly improving its market position.
The most recent acquisition was in February, when Playtech bought bingo software company Eyecon for $57.4 million. Last year, Isle of Man-based firm purchased one of their rival operators, Best Gaming Technology, for a total of $207 million.
Sagi Earns $138 million
Now, nearly two decades after he founded the company, Teddy Sagi, Playtech’s largest shareholder, sold 13 million shares on the London Stock Exchange, worth a total of $138 million.
Sagi sold one fifth of his total shares to the British branch of Boussard & Gavaudan. The French independent investment group now owns 4.1% of the total number of Playtech’s shares that are held by shareholders.
The entire process was negotiated and finalized through Brickington Trading Limited, owned by Sagi himself. The next step will be imposing a lock-up on Boussard & Gavaudan and Sagi until May 29, which means they will be restricted from selling any of the Playtech shares.
London-based businessman is turning his attention towards the property business in the Capital, as well as co-working and e-commerce. Still, he will not leave Playtech, where he holds a significant stake of 17.8%.