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Playtech Co-Founder and major shareholder Teddy Sagi has sold off 12% of his shares in the online gaming company, generating $10.60 per share.
Sagi's company Brickington Trading Limited facilitated the sale, which saw 38.7 million shares sold. The combined sale price of the shares brought in more than $410 million to the executive. With the sale of the shares Brickington will still own 21.6% of the company.
Playtech confirmed the deal, and revealed that Brickington agreed not to sell any more shares of Playtech for the next six months. The share sale is expected to complete by the end of the week.
In related news, Playtech revealed that they have purchased a 70% controlling interest of Consolidated Financial Holdings.