Teddy Sagi has sold more of his stake in Playtech, which he founded in 1999.
Sagi sold about 11.5 percent of Platech’s total stock for a reported £340 million. He still controls about 6.3 percent of the company, but is no longer the majority shareholder.
The sale was made for £9.24 per share, about 7 percent less than the stock was trading for when the sale was announced. The company’s stock fell from record highs after the announcement.
Sagi said the sale came about as he focuses on real-estate investment in the UK, according to the London Financial Times.
“I still believe in the long-term success of Playtech, but 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 in a press statement.
According to the Times, Sagi’s LabTech Investments owns land in Holborn, central London, and is in the process of taking over Camden Market. He also recently bought a controlling stake in Dutch property investment group, Brack Capital Properties.
