in

CODERE Online will be the first online gambling operator in Latin America, to be listed on the US Nasdaq market

MEXICO CITY

Codere, Spanish multinational company benchmark in the private gaming sector, with a significant presence and experience in Mexico, established a merger agreement between its subsidiary CODERE Online, with SPAC DD3 Acquisition Corp. II.

In this way, Codere Online, valued at 350 million dollars, becomes a public company to be listed on the Nasdaq US stock market, maintaining the management of the new group.

Vicente Di Loreto, CEO of the Codere Group, commented:

Our company celebrates this agreement, which provides the online business with sufficient resources to reach the growth potential offered by the Latin American market and reflects the value that we have generated in the last three years by promoting this division.

For his part, Moshe Edree, General Director of Codere Online highlighted:

By going public with the new capitalization, we will be in an excellent position to take advantage of our online business in the countries in which we already have a significant presence: Spain, Mexico where we have achieved very good results, Italy, Colombia, Panama, the city of Buenos Aires and we will be ready to expand into other high-growth Latin American markets, in addition, we will continue to analyze options for accessing the Hispanic niche in the United States. “

For his part, Martin Werner, founding partner of DD3 Capital Partners, said:

We are very happy with this merger that allows us to bring Codere Online to market. Its omnichannel presence, along with its growing potential market, its experience in Mexico and the limited competencies of other global gaming operators, give Codere Online a unique advantage for its expansion in Latin America. “

The agreement reached, values ​​the online affiliate at approximately $ 350 million of company value or 2.3 times the estimated revenue of Codere Online in 2022, of approximately 150 million dollars.

Four institutional investors (DD3 Capital Partners Varon Funds, MG Capital and LarrainVial), committed, through the signed agreement, to make an investment of 67 million dollars; In turn, Varon Funds has committed to maintaining a position of US $ 10 million in SPAC shares, resulting in minimum funds derived from the operation of US $ 77 million.

Likewise, DD3 you have $ 125 million in your trust account, which will be used to finance marketing expenses, platform improvements, technology and for expansion into new high-growth markets. The proposed merger is expected to be completed in the fourth quarter of 2021.

The liquidity that this operation generates will be invested mainly in Codere Online; The rest of the group could only receive a maximum amount of 30 million dollars and this subject to the fulfillment of certain conditions, so the valuation obtained for the online business is not an adequate reference for the rest of the assets or face-to-face businesses of the business.

*** MJPR ***

Black fitted set, Alexa Dellanos “expect a surprise”

Instagram will allow any user to add links in the Stories by means of a sticker