Codere Online rejoint le marché boursier américain suite à un accord de fusion avec SPAC

The company will become the first publicly traded online gambling operator in Latin America

Publicly traded SPAC entered into a definitive agreement this morning to merge with Codere Online, the gambling subsidiary of Spanish gaming group Codere SA.

The new company will be present on the US stock market Nasdaq. Negotiators are targeting a valuation of $350 million (€290 million) for the online gambling group.

This is 2.3 times more than Codere Online’s estimated revenue for 2022, which was around $150 million.

Codere Group’s IPO will advance through a business merger between Codere Online and SPAC DD3 Acquisition Corp. This decision was approved by the boards of directors of both parties.

Moshe Edree, Managing Director of Codere Online, said: “By opening up to the market, and thanks to this new capitalization, the future looks bright. We will be able to optimize our online business in our main countries (Spain, Italy, Mexico, Colombia and Panama) as well as in the city of Buenos Aires, where we plan to expand at the end of 2021 – a promising start for our future expansion into other high-growth markets in Latin America. »

The company is looking to expand its business model in Spain, Mexico and Latin America.

When asked about this merger, Vicente Di Loreto, CEO of Codere Group, said that this agreement would provide the necessary financial resources for the development of Codere Online, which he wants to take to a higher level. This capital will be used to finance “marketing expenses”

Codere Group said in a statement that “the cash generated by this transaction will be primarily invested in Codere Online. Funding to the rest of the group was limited to a maximum of $30 million, and subject to certain conditions. In addition, the valuation of our online business is not a representative benchmark of the rest of the company’s assets or its retail business. »

SiGMA Americas Virtual Show:

The SiGMA Americas Digital Show will take place from September 13 to 14, 2021. Here you will find a fully interactive exhibition floor, networked chat rooms, and renowned panelists. The beautifully designed booths are equipped with state-of-the-art product screens and dialogue boxes; Participants can visit the virtual stage, where a series of lectures will address key topics live for 2 days.

Discover the program and take a look at the exhibition floor.