Teddy Sagi Offloads Entire Stake in Playtech

The Israeli billionaire has sold his entire stake in the gambling company as US activist investor has been urging Playtech to sever ties with its founder

Earlier this month, the businessman sold nearly 5 million shares, equivalent to 1.6% of the London-listed company’s issued capital.

Mr. Sagi founded Playtech in 1999. The company specializes in the provision of solutions for the online gambling industry. Playtech floated on the London Stock Exchange in 2006. Since its flotation, it has grown tremendously through acquisitions. The company currently employs more than 5,000 people and has offices in 17 countries. With estimated market cap of around £1.4 billion, Playtech is member of the FTSE 250.

The company has had a bit of a hard time lately as its shares have halved in price over the past year on the back of two profit warnings.

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