Codere Online to go public on US Nasdaq with $350m SPAC deal

This company will become the first publicly-listed online gaming operator in Latin America

This morning Nasdaq-listed SPAC has entered into a definitive agreement to merge with ‘Codere Online’. Codere Online is the gambling subsidiary of the Spanish gambling group Codere SA.

The new publicly listed company will be traded on the US Nasdaq stock market. Dealmakers have targeted a $350 million (€290m) valuation for the online gambling unit.

This is 2.3 times more than Codere Online’s estimated 2022 revenue, which was that of approximately $150m.

The listing of Codere Group will progress through a business combination between Codere Online and SPAC DD3 Acquisition Corp. This has been approved by the boards of both parties.

Moshe Edree, Managing Director of Codere Online, said. “By going public and with the new capitalisation, 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 seeks to take its business model in Spain and Mexico and through Latin America.

When asked about this deal, Vicente Di Loreto, Chief Executive of Codere Group said that this deal will pave the way for the financial resources the online team needs to grow Codere Online and take it to a new, higher level. This capital will be utilised to fund ‘marketing expenditures’

Codere Group in a statement issued said “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.”

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Explore the?agenda?or check out who’s on the?floor plan.

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