London-listed gaming supplier and operator Playtech is entering a new era following the sale of the last remaining shares held by founder Teddy Sagi.
The Israeli entrepreneur sold his remaining 4.79 per cent stake in the business on November 22nd, ending his shareholding in the company he formed in 1999.
Sagi owned 49 per cent of Playtech shares five years ago but has reduced his shareholding over the past two years, including the sale of 4.9m shares earlier in November, in order to focus on other ecommerce and new technology ventures, as well as his real estate investments.
“Teddy Sagi and his family decided to diversify their wealth back in 2016 and agreed on a new strategy of investing in real estate, co-working, e-commerce and new technology ventures,” Sagi’s family office Globe Invest said. “This share sale is part of that continuum.”
The sale will also be welcomed by activist investor Jason Ader, whose fund has built a $100m stake in the business and called for changes to its operations and management. Ader called for the business to exit the financial trading sector and focus on gaming, and also questioned Sagi’s ongoing involvement in the business.
Sagi has used some of the proceeds from his Playtech shares to invest in online payment processor SafeCharge, in which he now owns a 68.34 per cent shareholding.
Shares in Playtech plc. (LSE:PTEC) were trading up 1.34 per cent at 467.40 pence per share in London Monday morning.