Teddy Sagi restructures online holdings, moves Markets.com and TopOption into Playtech in $225 million deal

It seems as though online mogul Teddy Sagi never rests.

In a fairly bold move, Sagi is restructuring and combining much of his online holdings under publicly traded Playtech PLC (LON:PTEC). Playtech is the world’s largest online gaming software supplier.

Playtech – in which Sagi still holds a 33% interest via Brickington Trading Limited – has agreed to pay €208 million cash ($225 million) plus future contingent payments totaling up to €250 million – to acquire Sagi’s privately held TradeFX Limited. TradeFX is a holding company whose main asset is Safecap Investments Limited, a Cyprus-based and CySEC-regulated company. Safecap in turn operates under its umbrella a number of online trading brands, which include Markets.com, TopOption, ForexYard, Finexo, Trade.com, OnlyOption, 24winner, and FireOptions.

Playtech acquires MarketsTradeFX had revenues of about $87 million and earned EBITDA of about $35 million in 2014.

As the deal is considered a ‘Related Party Transaction’, the vote by Playtech shareholders to ultimately approve the acquisition will exclude Sagi. Sagi has also, as part of the transaction, agreed to lock-up his Playtech shares for 12 months.

Sagi has been active recently building up his non-online empire. He acquired control of London’s historic Camden Markets in a series of transactions totaling about £500 million.

The full details of the Playtech-TradeFX deal can be seen here.

Related News


Teddy Sagi restructures online holdings, moves Markets.com and TopOption into Playtech in $225 million deal


Send this to a friend

Subscribe to LeapRate
Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: