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Playtech founder Israeli billionaire Teddy Sagi is selling an additional stake in the company, but will still be one of the gambling software group’s largest shareholders.

Mr Sagi will sell 13m shares – representing 4.1 per cent of Playtech – at 872.5 pence to an undisclosed institutional investor for a sum in excess of £133m, a statement on behalf of the entrepreneur said.

The Playtech founder made the sale as part of his plans to further diversify into London property, co-working and e-commerce, he said in the statement.

Mr Sagi previously sold a stake in Playtech, which is the world’s largest supplier of software and services to the online gaming industry, in November. The current sale will leave the billionaire with a 17.8 per cent stake in the company.

Playtech said last month that it planned to continue its acquisition spree this year on the back of continued strong revenue growth. The company, which is sitting on a cash pile of €545m, bought Australian bingo software group Eyecon for £50m in February and snapped up rival operator Best Gaming Technology for €138m last year.

Copyright The Financial Times Limited 2017. All rights reserved.
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