June 23, 2021 3 min read


Codere Online Merges with DD3 SPAC to Go Public

Codere Online, an online gambling subsidiary to the Spanish gambling company Codere Group, has signed a merger with Nasdaq-listed SPAC DD3 Acquisition Corp, hoping to get a $350 million valuation.

Codere Online Merges with Nasdaq-listed SPAC DD3

Nasdaq-listed special purpose acquisition company (SPAC) DD3 Acquisition Corp has signed a merger with Codere Online, an online gambling subsidiary of Spanish company Codere Group. Under the ownership of DD3, Codere Online aims to get listed on the Nasdaq Exchange. Dealmakers hope for a $350 million valuation of the online gambling unit (separate from Codere’s business group).

Managing Director Moshe Edree will continue to lead Codere Online. He stated that by going public with this capitalization, the company would be in “a superb position to leverage its online business in its core countries of Spain, Italy, Mexico, Colombia, and Panama, as well as the City of Buenos Aires.” Edree added that Codere expects to be operational in Buenos Aires by late 2021, and will further expand its LatAm presence.

Led by former Goldman Sachs exec Martin Werner, the DD3 SPAC was listed last month, securing $77 million in cash, along with a guaranteed trust amounting to $125 million from MG Capital, Baron Funds and LarrainVial Chile investors. DD3’s capital is mostly funds marketing expenditures, expansion into new LatAm markets, and technological improvements.

DD3 to Transform Codere Online Boosting Its LatAm Presence

DD3’s goal is to transform Codere Online’s business and take advantage of its “demographic changes favoring online gambling Latin America.” Werner said that the DD3 anticipates partnering with Moshe and Codere, bringing the company to the public markets. He stated that the omnichannel presence of Codere and its competitive advantage among gaming operators gives the company a unique opportunity to expand in Latin America.

Codere Group CEO Vicente Di Loreto said that the company is proud of the deal and will provide its online team the financial resource needed to grow Codere Online and take it to a new level. Loreto also said, “It is a good signal of the value we have been able to create in the last three years, and the solid team and business platform achieved through Moshe’s leadership.”

Codere Group Signed a Liquidation Agreement

Recently, Codere Group had a bumpy ride. It agreed to be placed under the control of its creditors in the US with a liquidation agreement to ease the firm’s burden from its liabilities of over $836 million.

Codere and the SPAC will present a combination agreement to the investors, including the Nasdaq listing and the merger, which should finalize by the end of Q42021. Codere also agreed to a restructuring plan to secure a cash injection of over $268 million and creditors converting a long-term debt of $418 million into corporate equity.


Eva is a PR specialist and communications expert with ten years of experience in campaign organizing and creative writing. She is also a published author of fictional stories. Eva recently developed an interest in economics and the gaming industry after discovering the inspirational story of Molly Bloom.

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