This Nasdaq-listed company SPAC has signed a deal to merge with ‘Codere Online’. The latter is the subsidiary of the famous Spanish gambling group Codere SA.
The new publicly listed enterprise will be traded on the US Nasdaq stock market. The value for the online gambling unit has already been targeted at $350 million (€290m). This amount is 2.3 times more than Codere’s projected 2022 revenue, which was somewhere around $150m.
The listing of Codere Group will continue via a business consolidation between Codere Online and SPAC DD3 Acquisition Corp. The same has already been approved by the boards of both sides.
Speaking on the latest decision, Managing Director of Codere Online, Moshe Edree, said:
“By going public and with the new capitalization, we will be in a superb position to leverage our online business in our core countries of Spain, Italy, Mexico, Colombia, and Panama, as well as the City of Buenos Aires, where we expect to start operating in late 2021, to fuel our further expansion in other high-growth Latin American markets.”
The company looks to introduce its business model in new markets such as Spain and Mexico as well as Latin America.
Chief Executive of Codere Group, Vicente Di Loreto, said that this agreement will pave the way for the resources the team needs to take Codere Online to the next level. The capital will be used to fund marketing expenses.
The Group has also issued the statement
“The liquidity that this transaction generates will be invested mainly in Codere Online. The rest of the group could only receive up to a maximum amount of $30m, subject to the fulfillment of certain conditions. Additionally, the valuation obtained for our online business is not an adequate reference for the rest of the company assets or its retail operation.”
About the Company
Codere Online is part of the Codere Group, founded in 2014. It offers online sports betting and casino content via its website and mobile casino. It is available in some of the most important jurisdictions such as Spain, Mexico, Colombia, Italy, and Panama, while waiting to start with the operation in Buenos Aires.
The company aims to become the number one provider of online casino and sports betting options in Latin America. It plans to enter additional LatAm markets including Brazil, Chile, Peru, Puerto Rico, Uruguay, Argentina, once they get regulated. It is known for the excellent Omnichannel Strategy and Market Expertise.
“Codere Online to go public on US Nasdaq with $350m SPAC deal”, sigma.com.mt, June 22, 2021.
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