Stockholders of DD3 Acquisition, a publicly traded special purpose acquisition company, have voted to approve the group’s proposed business combination with Codere Online, which it anticipates closing before the end of the month.
The transaction, valued at approximately $350m and approved by the latter’s board of directors, will result in the online gaming and sports betting operator becoming a public company and trading on the US Nasdaq stock market.
DD3 adds that it’s anticipating that the transaction will become final on or around November 30, 2021, subject to the satisfaction of certain customary closing conditions.
The ordinary shares and warrants of Codere Online Luxembourg are expected to begin trading on the Nasdaq Capital Market under the symbols ‘CDRO’ and ‘CDROW,’ respectively, following the consummation of the combination.
It has previously been stated that existing management of the online sports betting and gaming operator will continue leading the business, and that the Codere Group will maintain majority ownership post combination.
Moving forward, the company has also elaborated that it is aiming to leverage its position across Spain, Italy, Mexico, Colombia and Panama, and the city of Buenos Aires, to fuel further across Latin American markets.
Codere Online says that jurisdictions where online gaming could soon be regulated, such as Brazil, Chile, Peru, Uruguay or other regions of Argentina, are prime targets, with the firm also analysing its options to access the Hispanic online gambling niche in the US.
“We are proud of this deal, which will provide our online team with the financial resources needed to grow Codere Online and take it to a new, higher level,” Vicente Di Loreto, CEO of Codere Group, said of the agreement earlier in the year.
“It is a good signal of the value we have been able to create in the last three years boosting this business unit.”
