Numerous banks are supporting the project

Spain: Grupo Orenes approves USD 102.5 M investment plan

"We have the technical, financial and human resources to face the challenges coming ahead."
2019-04-29
Reading time 1:04 min
Within the next few months, the Spanish operator aims to strengthen its position as a developer and supplier of state-of-the-art technology solutions, as well as to boost the diversification process already begun, whose goal is to redirect the company's business activity towards a comprehensive, nationwide entertainment offering.

To achieve these goals, Grupo Orenes has a 2019 budget plan under which revenues and EBITDA are projected at € 650 million (USD 724.3 M) and € 100 million (USD 111.4 M), respectively.

The € 92 million (USD 102.5 M) investment plan is backed up by the fourth and last tranche of a syndicated loan with which the firm finances its medium-term debt. This phase amounts to € 55 million euros and the total sum of the transactions, in which BBVA, Bankia, Banco Santander, CaixaBank, Bankinter and Sabadell have participated, is of € 255 million (USD 284.2 M).

CEO Javier López Cerrón has said: "We have the technical, financial and human resources to face the challenges coming ahead. Grupo Orenes continues strengthening its position as a technology and entertainment leader. We have closed our 2016-18 business plan under which the company has invested over € 300 million, creating 1.000 new jobs." He also highlighted the "confidence maintained by banking entities in a sustainable, reliable and promising project such as ours."

The company, with headquarters in Murcia and presence in Spain and Mexico, is betting on innovation, as a way of strengthening its position as a leader in the development of technology solutions. This is reflected in the creation of an accessing system based on facial recognition (Facelock) and its own sports betting platform.

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