Playtech, Israeli Billionaire's Online Gaming Software Provider, Buys Trading Platform AvaTrade

The purchase exercises is the latest in a series of acquisitions made by Sagi, who has an estimated net worth of $3.5 billion.

Teddy Sagi
Nick Clarke

REUTERS - Israeli billionaire Teddy Sagi's Playtech, a provider of online gaming and sports-betting software, has bought currency trading platform AvaTrade, a source with knowledge of the deal said on Wednesday.

The purchase exercises an option held a month ago when UK-based Playtech sealed the purchase of another online trader, markets.com, and is the latest in a series of acquisitions made by Sagi.

Sagi, who has an estimated net worth of $3.5 billion according to Forbes, is also the owner of much of Camden Market, which in terms of visitors ranks as London's second biggest tourist attraction after Buckingham Palace.

Israeli financial newspaper Calcalist reported on Monday that Sagi was in advanced talks to buy AvaTrade for $100 million. It said AvaTrade had an operating profit of $20 million in 2014.

AvaTrade Chief Executive Officer Dáire Ferguson declined to comment. Sagi could not immediately be reached for comment.