(Left to Right) Co-Founders of Boussard & Gavaudan — Emmanuel Boussard, Chief Investment Officer; and Emmanuel Gavaudan Chief Executive Officer (Photo: Boussard & Gavaudan)
The biggest shareholder of Playtech, Israeli billionaire Teddy Sagi, is selling another batch of his holdings in the company he founded. The gaming and financial technology giant announced in a filing with the London Stock Exchange that the holding company that Sagi uses, Brickington Trading Limited, agreed to sell a block of 13 million shares.
Teddy Sagi’s company will sell the shares to independent investment firm Boussard & Gavaudan at a price of 872.5 pence per share. The total amount of cash which the Israeli billionaire is expected to pocket from the sale of 4.1 percent of Playtech is £113 million ($138 million).
Playtech’s founder will remain the largest single shareholder of the company after the sale, with about £500 million ($610 million) worth of stock as of yesterday’s closing price of 907 pence per share. Teddy Sagi’s firm Brickington will own about 17.8 percent of the company’s stock after the conclusion of the transaction.
Details of the Deal
The deal has come to fruition after an unsolicited inbound enquiry on part of Boussard & Gavaudan. After his previous divestment late last year, Teddy Sagi had to seek approval from UBS Limited for the release of Brickington from a 180 days lock up agreement. Such terms are usually imposed on major shareholders that are selling significant stakes of their holdings in a particular firm.
Following the news Brickington has agreed not to sell any Playtech shares until the 29th of May 2017 at the earliest, subject to the same customary exceptions and UBS’s consent. According to the official announcement, Boussard & Gavaudan also agreed to a lock up arrangement lasting to the same date. UBS executed the sale on behalf of Brickington.