Playtech founder Sagi announces intention to float SafeCharge

Teddy Sagi, founder of online gaming software supplier Playtech, has announced his intention to float payment provider SafeCharge.

The news comes shortly after iGaming Business reported that Sagi was to sell £212 million (€254.7 million /$352.6 million) worth of shares in Playtech, a sale that would amount to 10% of his stake in the company.

According to the Financial Times newspaper, Sagi is a 90% shareholder in SafeCharge, while founder and chief executive David Avgi owns the remaining 10%.

The payment provider hopes to raise $100 million in new equity for acquisitions and to support the launch of a digital wallet, which the firm claims will allow customers to make transactions in online gambling, goods and services, and foreign exchange.

The AIM listing will launch on Wednesday and create a free float of approximately 30%, thus diluting Sagi’s stake to about 63%.

Following the flotation, SafeCharge’s market capitalisation would be between £210-230 million.

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