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.
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.