Codere Online to Become the First Publicly-Listed Online Gaming Operator in Latin America Via Business Combination with DD3 Acquisition Corp. II

Jun 22, 2021

DD3 Acquisition Corp. II (Nasdaq: DDMX, “DD3”) has entered into a definitive business combination agreement with Codere Online
Codere Online launched in 2014 as a part of the international gaming operator Codere Group, offering online sports betting and online casino through its state-of-the art websites and mobile applications
Codere Online is a leading online gaming and sports betting operator in Latin America with a unique omnichannel strategy that seeks to attract a loyal, engaged and high-value customer base aimed at driving growth and enhanced profitability
Existing Codere Online management to continue operating the business and Codere Group to maintain majority ownership post-business combination
Alongside DD3’s $125 million cash in trust, a PIPE commitment of more than $67 million, provided by Baron Funds, MG Capital, LarrainVial and DD3 Capital Partners (Sponsor), has been obtained. The PIPE, together with a further commitment by Baron Funds to roll-over approximately $10 million of DD3 public shares, fulfills the minimum cash of $77 million required to close the business combination
Proceeds are intended to be used primarily to fund marketing expenditures, technology platform improvements and expansion into new high-growth markets
This is DD3 Capital Partner’s second SPAC. DD3’s first SPAC successfully merged with Betterware de Mexico S.A. de C.V. (Nasdaq: BWMX) in March 2020
Investor call with Codere Online and DD3 is scheduled for June 22, 2021 at 8:30AM ET

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