Playtech founder Teddy Sagi is to sell £212 million (€257.6 million/$353 million) worth of shares in the online gaming software supplier, a sale that would amount to 10% of his stake in the firm.

The Reuters news agency reported that Sagi’s Brickington Trading company would sell 29.3 million shares at 735 pence each through a secondary offer.

The sale would leave Sagi and Brickington Trading with a 39% stake in the Playtech company.

The company said that the placing, the book for which will close no later than the end of trading on Wednesday, would allow for increased liquidity in its stock.

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