Betting group Codere Online Luxembourg announced this week that they've come to terms with DD3, with the end result being that Codere will become a publicly traded company.
The deal will see Codere's management team being left largely intact, but DD3's Founding Partner Martin Werner will join the company's Board of Directors. This agreement is poised to help Codere expand its online footprint in Latin America, Spain, and Italy, where it already has 10,800 retail venues and has an existing player database of 3 million.
Commenting on the deal Codere Online's Moshe Edree said, "We are thrilled to partner with DD3. This deal brings together the renowned Codere brand and our deep expertise in growing online gaming businesses with a world-class sponsor like DD3 that has a proven track record of building businesses through a team of seasoned investors. By going public and with the new capitalization, we will be in a superb position to leverage our online business in our core countries of Spain, Italy, Mexico, Colombia and Panama, as well as the City of Buenos Aires, where we expect to start operating in late 2021, to fuel our further expansion in other high-growth Latin American markets."
The agreement is subject to approvals in appropriate jurisdictions and no timetable for finalization was available.