Codere Online Luxembourg, Servicios de Juego Online and their consolidated subsidiaries, and Codere Newco have entered into a definitive business combination agreement with DD3. It is a publicly-traded special purpose acquisition company, under which Codere Online will become a public company.
Moshe Edree, the Company’s Managing Director, and the Company’s highly experienced management team will continue to lead Codere Online.
According to Codere, the deal represents a ‘strong market opportunity supported by favorable demographic trends in Latin America,’ were ‘very low existing market penetration combined with increasing adoption of smartphones, e-commerce, and internet connectivity position the region for tremendous near, medium, and long term growth.’
“We are excited to partner with Moshe and his team. It will also bring Codere Online to the public markets,” said Martin Werner, Founding Partner of DD3 Capital Partners. Moreover, Codere Online has a distinct advantage in its expansion across Latin America. It is due to their omnichannel presence, large addressable market, and lack of competition from global gaming operators.”