Israeli billionaire and entrepreneur Teddy Sagi has further reduced his stake in technology company Playtech.

Founded in 1999 and listed on the London Stock Exchange, Playtech is a provider of technology, software and services to the gambling and online gaming industries.

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Globe Invest Limited, the family office of Teddy Sagi, has confirmed that Brickington Trading Ltd has sold five million shares of Playtech for approximately £22.25 million.

The deal was arranged by Credit Suisse Securities (Europe) Limited.

The sale is in line with Sagi's "committed strategy" to diversity his wealth and further expand into property, co-working, eCommerce and other technology ventures.

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A Globe Invest spokesperson said: "Teddy Sagi and his family decided to diversify their wealth back in 2016 and agreed on a new strategy of investing in real estate, co-working, e-commerce and new technology ventures.

"This share sale is part of that continuum."