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Codere Online, a prominent online gaming operator in Latin America, completed its business combination with DD3 Acquisition Corp. II on November 18, 2021. Trading on the Nasdaq is set to commence on December 1, 2021, under the symbols CDRO and CDROW. The transaction generated approximately $116 million in gross proceeds, aimed at boosting marketing and technological improvements. Additionally, Patrick Ramsey has been appointed as the new Chairman of the Board, bringing over 20 years of gaming industry experience, underscoring Codere's ambition to lead in the online gaming sector.
On November 18, 2021, DD3 Acquisition Corp. II (NASDAQ:DDMX) announced that its stockholders approved the proposed business combination with Codere Online, a top online gaming and sports betting operator in Latin America. The merger is expected to close by November 30, 2021, pending customary closing conditions. Upon completion, Codere Online's shares will trade on Nasdaq under the symbols 'CDRO' and 'CDROW.' This merger aims to enhance Codere Online's market presence in Latin America, leveraging its established reputation and operations across several countries.
Codere Online has announced the nomination of six members for its Board of Directors in connection with the planned business combination with DD3 Acquisition Corp. II. The board will include four directors from Codere's parent company and two independent directors from the Sponsor. The anticipated completion of the business combination is set for the week of November 18, 2021. Codere Online is expected to apply for listing on Nasdaq post-combination under the symbols 'CDRO' and 'CDROW.'
Codere Online reported a total net gaming revenue of €20.2 million for Q3 2021, up 3% year-on-year, and €61.9 million year-to-date, reflecting a 21% increase. Mexican revenue rose by 26% to €7.1 million, offset by a decline in Spain due to stricter regulations. The company maintains its 2021 revenue outlook of €81-€86 million. Codere Online secured a 10-year license extension in Spain until May 31, 2032. A business combination with DD3 Acquisition is anticipated to close following a shareholder meeting on November 18, 2021.
Codere Online, a top online gaming operator in Latin America, was recognized as the Casino Operator of the Year at the SBC Awards Latinoamérica 2021. This accolade reflects Codere's commitment to delivering a premium experience and its growth in the online gaming market. The awards were presented at the SBC Summit in Miami on October 28, 2021. Additionally, Codere Online's business combination with DD3 Acquisition Corp. II is set for a vote on November 18, 2021, potentially making it the first publicly listed online gaming operator in Latin America.
Codere Online and DD3 Acquisition Corp. II (NASDAQ: DDMX) announced their definitive business combination on November 2, 2021. Key executives discussed this in a podcast, highlighting the anticipated impact on online gaming and sports betting in Latin America. The special stockholder meeting on November 18, 2021, will vote on the merger, expected to finalize shortly after if approved. Post-merger, the company will trade as CDRO and CDROW on Nasdaq. Codere Online has a robust presence in various Latin American countries and plans significant expansion.
Codere Online and DD3 Acquisition Corp. II (NASDAQ:DDMX) have announced a definitive agreement for a business combination to take Codere Online public. The combined entity will operate on NASDAQ under the symbols “CDRO” and “CDROW.” A special stockholder meeting is set for November 18, 2021, to vote on this proposal. Codere Online, part of the Codere Group, specializes in online gaming and sports betting across Latin America, with plans to expand operations into Buenos Aires by the end of 2021.
On October 27, 2021, Codere Online Luxembourg, S.A. announced that the SEC declared effective its registration statement for a business combination with DD3 Acquisition Corp. II (NASDAQ:DDMX). A special meeting for DD3 stockholders is scheduled for November 18, 2021, to vote on this merger. If approved, the transaction is expected to finalize the week after the meeting. Codere Online is a major online gaming and sports betting operator in Latin America, complementing its online services with a strong physical presence in key Latin American markets.
Codere has extended its sponsorship agreement with Real Madrid C.F. through the 2025-26 season, becoming the exclusive regional sports betting partner in Latin America. This agreement expands Codere’s reach to over twenty countries, enhancing its online operations, specifically through Codere Online. The partnership, which began in 2016, aligns with shared values of fair play and excellence. CEO Vicente Di Loreto emphasized the benefits from the Real Madrid brand in scaling up their online presence in lucrative markets such as Brazil and Chile.
Codere Online Luxembourg, S.A. announced an amendment to its Form F-4 registration statement with the SEC regarding its proposed business combination with DD3 Acquisition Corp. II (NASDAQ:DDMX). This amendment addresses SEC feedback and outlines the upcoming completion of the acquisition, anticipated in Q4 2021, pending SEC approval and DD3 stockholder consent. Codere Online, a key player in Latin America's online gaming sector, aims to expand its services, enhancing its omnichannel strategy. The combination is expected to bolster market presence in Spain, Italy, Mexico, Colombia, Panama, and Argentina.
