SPAC merger completed

Codere Online becomes first LatAm iGaming operator to trade on Nasdaq

United States
Reading time 2:34 min

Online gaming and sports betting operator Codere Online has completed its business combination with the special purpose acquisition company (SPAC) DD3 Acquisition Corp. II, the company announced on Tuesday. The business is now trading on Nasdaq, starting December 1st.

The merger was completed following approval of the business combination by DD3’s stockholders on November 18, and after the satisfaction of the closing conditions. The ordinary shares and warrants of Codere Online Luxembourg now trade under the symbols “CDRO” and “CDROW,” respectively.

Codere Online has now become the first online gaming operator in Latin America to become publicly listed in the United States. It is part of Codere Group, a multinational group with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

The transaction has resulted in approximately $103 million net of transaction fees and expenses, which are expected to be used primarily to fund marketing expenditures in furtherance of Codere Online’s growth plans across Latin America, along with investments in technology and other enhancements to the company’s gaming platform.

“The closing of this transaction, which follows completion of the recent financial restructuring of Codere Group, will provide Codere Online with the structure and resources needed to be successful in the high growth and rapidly changing online gaming sector,” said Vicente Di Loreto, CEO of Codere Group.

Codere Online has also now announced the appointment of Patrick J. Ramsey as non-executive independent director, Chairman of the Board of Directors and member of the Audit Committee. Ramsey was nominated jointly by parent company Codere Newco and DD3 Sponsor Group.

The newly-appointed Chairman brings over 20 years of experience in both casino operations and management, as well as in casino gaming technology, explains a press release. Ramsey also holds a BA in Economics from Harvard University and an MBA from the Kellogg School of Management at Northwestern University.

Ramsey started his career at Harrah’s (now Caesars Entertainment), where he held various management and executive positions in the US. In 2008, he joined Nasdaq-listed casino gaming technology company Multimedia Games, where he became CEO in 2010. The company was sold in December of 2014, reporting over $1 billion in equity value creation for its shareholders.

Following the sale, he joined global gaming technology company Aristocrat Technologies, as the Chief Digital Officer. He now serves as the Lead US Director for the Board and the Chairman of the Regulatory and Compliance Committee. In addition, he is a member of the Board of Directors of Simplebet, and a member of the Operating Council of Arrow International.

“We are thrilled to have Patrick join us in this journey that we are embarking upon,” said Moshe Edree, Managing Director of Codere Online. “His two decades of experience in our industry, with exposure to both the retail and online businesses, together with experience leading a Nasdaq-listed company, will be critical to our success.”

Ramsey is the final addition to the Board of Directors of Codere Online. The Board is also composed of four directors nominated by Codere Newco: Moshe Edree, Managing Director of Codere Online; Oscar Iglesias, CFO of Codere Online; Alejandro Rodino, Chief of Strategy & Corporate Areas Officer of Codere Newco; and Laurent Teitgen, Independent director.

They are joined by two independent directors nominated by DD3 Sponsor Group: Dr. Martin M. Werner, Former Chairman and CEO of DD3, who is also expected to serve as Chairman of Codere Online’s Audit Committee; and Daniel Valdez, Managing Partner and Portfolio Manager for MG Capital.

“Codere Online operates in the fast-growing online segment of the gaming sector and is well-positioned to execute its business plan,” Ramsey said about his appointment. “I look forward to working with my fellow Directors to support Moshe and his team as they pursue the exceptional opportunities that lie ahead.”