Codere is authorized to purchase 67.3% of 46 Caliente’s licenses
Thus, it completes the procedure of administrative authorizations necessary to give full effect to the operation in which 71 million of that debt is exchanged for Codere's stake in the companies owning the holders, 75 million remain as Codere loans and the remaining 25.5 million are the new debt with the firm.
In relation to the provision of management services between Codere and Caliente, both sides agreed to hold a service contract until 2014 with an annual amount of US$ 36 million.
In addition, the company will provide services to those holders for an amount of US$ 1 million a month to complete the formalities of approval by the authorities.
For its part, Caliente acquires 33% stake in Promojuegos and Mio Games, companies with twelve gaming licenses in Mexico and owned by Codere, which will continue to manage those companies with a service contract, valid until 2014 and with an annual fee of US$ 8 million. The agreement covers maintenance of the brand and adaptation of various existing contracts.
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