Codere Online to Become First Publicly Listed Latin American Gaming Company Through Merger with DD3 Acquisition Corp. II
A prominent Latin American online gaming provider, Codere Online, is entering the stock market! They’ve struck a deal to combine with DD3 Acquisition Corp. II, a blank-check firm. This action will establish Codere Online as the first publicly listed online gaming enterprise in Latin America, demonstrating their dominant market presence.
The unified entity, retaining the Codere Online brand, holds a valuation of an impressive $350 million. That’s twice their anticipated 2022 earnings! This consolidation will furnish Codere Online with substantial capital to propel their ambitious growth strategies throughout Latin America. They are particularly enthusiastic about venturing into fresh territories like Buenos Aires, where they will commence operations by the close of 2021.
Moshe Edree, the incumbent CEO of Codere Online, will remain at the helm following the merger. He’s eager to collaborate with DD3 Capital Partners, whose originators will join the Codere Online board, contributing a wealth of expertise in developing thriving enterprises.
Numerous financial institutions, such as Barlon Capital, MG Capital, LarrainVial, and DD3 Capital Partners, have committed upwards of $67 million in funding to back the amalgamation of Codere Online with a blank-check company. This action sets the stage for Codere Online to debut on the stock market, potentially before the close of 2021.
Martin Werner, a founding member at DD3 Capital Partners, conveyed unwavering faith in Codere Online’s prospects, referencing their distinct standing within the Latin American sector. He emphasized their varied offerings, extensive prospective clientele, and the comparatively limited rivalry from other global gaming entities.
Vicente Di Loreto, the Chief Executive Officer of the Codere Group, shared this positive outlook. He views this consolidation as a testament to the worth Codere Online has established over recent years and trusts it will furnish the essential capital to propel the enterprise to greater heights.
It’s noteworthy that this development follows some hardships for Codere’s conventional, brick-and-mortar gambling ventures. They lately encountered a substantial decline in earnings and were even compelled to undergo bankruptcy proceedings. Notwithstanding these obstacles, the outlook for Codere Online seems promising as they prepare to enter the public market.