Playtech’s shares have fallen from a record high after its billionaire founder said he will sell an 11.5 per cent stake in the firm as he shifts his focus to the “co-working revolution”, reports CityAM.
Shares in the gambling software company were trading 3.37 per cent lower at 960p in morning trading.
Teddy Sagi, who co-founded the company in 1999, today confirmed he will sell 36.5m shares in Playtech to raise £337m. Sagi said he is looking to diversify his investment portfolio and increase his focus on real estate, co-working and e-commerce.
Sagi’s shareholding in Playtech is held through a company called Brickington, which will retain a 6.3 per cent shareholding in Playtech.
Brickington has committed not to sell any further Playtech shares for a period of 180 days without the consent of UBS, which is helping run the sale.
“I still believe in the long term success of Playtech,” Sagi said.
Sagi’s private company, LabTech Investments, is currently taking Market Tech, the company that owns the vast majority of London’s Camden Market, private.
A couple of weeks ago, Sagi also acquired a 44 per cent controlling stake interest in global real estate firm Brack Capital Properties.
“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 co-working revolution,” Sagi said.
“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”.