Codere SA Takes Steps In Codere Online Nasdaq Listing Plan

Codere SA’s board of directors has filed an F-4 “preliminary registration statement” with the US Securities and Exchange Commission (SEC), outlining its plan to list its “Codere Online” company on the Nasdaq.

By merging with DD3 Acquisition Corp, a SPAC managed by former Goldman Sachs Latin America executive Martin Werner, Codere advances its ambitions to divest its Codere Online arm.

At the start of the year, DD3 was formally listed on the Nasdaq, raising $77 million in capital to fund its merger with Codere Online. The acquisition will also be backed by a ‘$125 million capital trust’ guaranteed by MG Capital, Baron Fund, and LarrainVial Chile’s private investors.

Dealmakers expect the Codere Online and DD3 merger to be completed by fourth-quarter trade, creating a new Nasdaq betting business worth $350 million (€290 million).

Existing markets

Codere Online’s existing position in the markets of Spain, Italy, Mexico, Colombia, and Panama was highlighted in the SEC prospectus.

Codere Online has won front-runner positions to debut within the soon-to-be regulated marketplaces of Brazil and Buenos Aires, Argentina, enhancing the firm’s South American prominence.

Despite the fact that Codere Online will operate independently from Grupo Codere, the new venture will be supported by Codere’s land-based South American gambling venues, assisting the company’s growth strategy in Spain, Colombia, Mexico, Panama, and Uruguay.

The debt holders of Codere – who have $700 million in outstanding liabilities – have approved the sale of Codere Online.

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About Joe Kizlauskas

Joe is a seasoned iGaming copywriter and speaker who has been in the business since 2015. He's written more words on all elements of iGaming than he likes to remember, and he's contributed material to a number of well-known brands. Joe may be seen playing 5 a side, at the gym or playing games on his Playstation when he is not writing.