Playtech founder offloads £113m of shares

Playtech founder Teddy Sagi is to sell £113m of shares in the gambling software company to London-based hedge fund Boussard & Gavaudan.

Brickington Trading, a Sagi vehicle and the largest shareholder in the company, has agreed to sell 13m Playtech shares to Boussard at a price of 872.5p each, which is equivalent to 4.1% of Playtech’s issued share capital.

B&G, which is run by ex-Goldman Frenchmen Emmanuel Boussard and Emmanuel Gavaudan, has agreed to a lock-up until 29 May.

Following the sale, Brickington's stake in Playtech will be reduced to about 56.58m shares, which represents 17.8% of the voting rights in the company.

In order for Boussard to investment in Playtech, broker UBS has released the Sagi vehicle from a 180-day lock-up arrangement put in place when he sold shares last December.

Like B&G, Sagi has now agreed not to sell any Playtech shares until 29 May, subject to consent from UBS.