Industry News

Teddy Sagi sells his stakes in Playtech

Published

6 years ago

November 26, 2018

Niji Narayan

Photo Source: ft.com

Reading Time: < 1 minute

Teddy Sagi, the Israeli-born businessman, has sold the remaining shares that he owned in Playtech, the UK-based online gambling software developer that he founded in 1999.

His remaining 6.4 per cent stake was sold in two batchesvia Credit Suisse: first, 5 million shares and then 15.2 million on Friday, fetching a profit of about 90 million pounds.

Playtech, the largest company in the vertical, has been on freefall in the stock market, losing about 50 per cent of its share price over the last year or so. Heightened competition in the segment is affecting the company’s revenues. The present market valuation of the company is around $1.4 billion pounds.

Sagi listed the company in 2006, offering shares worth $291 million. Initially, he kept a 50 per cent stake, which was then sold in different times since 2014.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.