Playtech sells entire stake in online trading group Plus500 for £176m

Callum Keown
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An employee of Playtech, a London based...
Playtech has sold its entire stake in Plus500 for £176m (Source: Getty)

Playtech has sold its entire 10 per cent stake in online trading platform Plus500 for approximately £176m.

The gambling software manufacturer said it sold 11.4m shares at 1,550p each in the retail investor platform.

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The company said the move would not impact its entitlement to the interim dividend announced by Plus500 last month and that proceeds from the sale would go towards reducing debt and corporate purposes.

It comes just a day after Plus500's founders sold an eight per cent stake in the company in response to “significant demand from a small number of institutional investors”.

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The Israel-based firm, which will move up into the FTSE 250 later this month, said the founders, Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann, still held an eight per cent stake in the company following the sale.

On Tuesday Odey Asset Management, which holds a 6.7 per cent stake in Plus500, disclosed a five per cent stake in Playtech.

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