Codere Online, DD3 Acquisition complete business combination agreement
The company will now be publicly traded on the NASDAQ Capital Market.
Codere Online – which serves as the digital betting and casino arm of the Latin American industry stalwart Codere Group – has announced the completion of a business combination with DD3 Acquisition Corp. II.
Yesterday’s announcement picks up from November 18, when the business combination was approved by DD3 shareholders.
It was also announced that Codere Online has appointed a new Director, Chairman of the Board of Directors and member of the Audit Committee, Patrick J. Ramsey, who brings with him 20 years of experience in both casino operations and in gaming technology management.
As a result of the move, Codere Online Luxembourg, S.A. will begin trading today on the NASDAQ Capital Market, making it the first Latin American gaming operator to trade publicly in the US.
It will trade under the symbols ‘CDRO’ and ‘CDROW.’
The transaction is expected to gross around $116m in proceeds for Codere ($103m in net transaction fees and expenses). Flush with this cash, Codere is expected to reinvest it, funding marketing measures which aim to expand the company’s presence in Latin America.
Codere Group CEO, Vicente Di Loreto, sees the move as opening a new chapter for the Latin American gaming company: “The closing of this transaction, which follows completion of the recent financial restructuring of Codere Group, will provide Codere Online with the structure and resources needed to be successful in the high growth and rapidly changing online gaming sector.”
Codere Group is among the most significant leaders in the private gaming industry. After four decades of experience, it has established a presence in seven countries across three continents: Spain, Italy, Argentina, Colombia, Mexico, Panama and Uruguay. The Group’s subsidiary, Codere Online, was launched in 2014 to take advantage of the explosive opportunities emerging in the world of online gaming.
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