Codere Online to Go Public in Latest Gambling SPAC Merger
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Codere Online is going to become the first publicly listed Internet gambling operator in Latin America. It is the online gambling division of Spanish gaming and sports betting powerhouse Codere Group. CodERE has a strong presence in Spain, Mexico, Colombia, and Panama and plans to enter the City of Buenos Aires’ regulated market by the end of the year.
Codere Online and DD3 are merging to create a publicly listed company with an estimated enterprise value of $350 million. The company will be led by Codere's managing director Moshe Edree. CodERE Online expects to have a cash position of up to $145 million, which it plans to use to cover marketing costs and to finance technology platform upgrades and further expansion into Latin America. The deal is expected to close in the fourth quarter of the year.
