The co-founder of gambling software development company Playtech, Teddy Sagi, has unveiled plans to sell a £337 mln (€382 mln) stake in the company to fund a pan-European property investment drive.
The property and tech entreprenueur intends to sell a further 36.5 million shares in the Isle-of-Man incorporated Playtech at a price of £9.24 each. The stock represents 11.5% of the issued share capital of the company.
'This share sale is part of a longer-term strategy to diversify my investment portfolio and to further finance a significantly increased focus on real estate, co-working and e-commerce,' commented Sagi.
Sagi’s private company, LabTech Investments, which owns four acres around Holborn’s Sicilian Avenue, is currently in the process of taking Market Tech plc private, the company which owns the vast majority of London’s Camden Market.
Sagi also recently acquired a 44% controlling stake interest in Brack Capital Properties NV and continues to be involved in FinTech through SafeCharge plc.
'I want to further develop my property portfolio, not only in London but also in other European capital cities, and be in the vanguard of the coworking revolution,' he explained. 'I envisage taking some of the most iconic properties and establishing creative hubs where start-ups, SMEs and entrepreneurs can work, network and grow together.'
The shares in Playtech will be divested by Brickington Trading Ltd, a wholly owned subsidiary of a trust of which Sagi is the ultimate beneficiary. Brickington will retain a 6.3% stake in the company and will commit to not selling any further Playtech shares for 180 days without the consent of UBS.
The bookrunners are Goodbody Stockbrokers, Shore Capital and UBS.
