Online Sports Betting Firm Codere Online To Go Public Via Reverse SPAC Merger With DD3 Acquisition In $350M Deal

Special purpose acquisition company (SPAC), DD3 Acquisition Corp II DDMX, has entered into a business combination agreement with Codere Online.
Codere Online is a part of the international gaming operator Codere Group, offering online sports betting and the online casino through websites and mobile applications.
The deal will make Codere the first publicly listed online gaming operator in Latin America.
The business combination values the combined company at approximately $350 million with an implied equity market capitalization of roughly $500 million.
Existing Codere Online management will be operating the business, and Codere Group will maintain majority ownership post-business combination.
“The omnichannel presence of Codere paired with the expansive addressable market and limited competition from global gaming operators gives Codere Online a unique advantage in their expansion across Latin America,” said Martin Werner, Founding Partner, DD3.
This is DD3 Capital Partner’s second SPAC. The first SPAC successfully merged with Betterware de Mexico SAB De CV BWMX.
Price action: DDMX shares closed higher by 0.8% at $9.99 on Monday.

Overview Rating:

Speculative

0100