Playtech's founder Teddy Sagi sold off 11.5% of the equity he has in the company this week, netting about £340 million in the sale as a result.
Sagi now holds a 6.3% stake in the company that he started, and comes after he sold off a large chunk of his shares last year. After the announcement was made Playtech shares fell by about 3.1%, closing £9.62. Under the sales agreement, Sagi vowed not to sell anymore of his shares in the company for at least 180 days.
The tycoon said that he plans to use the money to purchase real estate in different European cities. Last month he spent £219.3 million to buy a large share in the Dutch property group Brack Capital Properties. Sagi formed Playtech in the late 1990's, and helped grow the group into one of the largest online betting software developers in the world. He is a controversial figure, as he was given an 18 month prison sentence in 1999 for stock fraud. This prison sentence has hamstrung some of Playtech's investment opportunities, and may be the reason that he is divesting himself from the company.
Comments
The owner is shaking their hands off from the business, as it looks. I think that the Playtech players have shrunk after the Marvel slots are gone. Thank for the good news.
Well I think that Playtech will go through some hard times. Evolution gaming is becoming more and more popular for their live dealer services, owner selling his shares also doesn't bring much trustworthy, marvel slots are gone..
Well he has been convicted of insider trading and bribery before so perhaps this move indicates something more. No wonder the share price dropped.
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Yes but he wanted to be chairman again and I think the board or shareholders voted against and maybe after that he decided to sell biggest part of his shares, his feelings might be hurt but probably that's a business decision at first place ... or maybe both.