Codere files Nasdaq listing plan for online business

 The board of Codere SA has filed an F-4 ‘preliminary registration statement’ with the US Securities and Exchange Commission (SEC) putting forward its prospectus to list its ‘Codere Online’ business on the US Nasdaq. 

The registration sees Codere advance its plans to divest its Codere Online unit by merging with DD3 Acquisition Corp – a SPAC led by former Goldman Sachs Latin America executive Martin Werner. 

DD3 was formally listed on the US Nasdaq at the start of year trading, raising $77 million in capital to fund its merger with Codere Online. The deal will be further supported by a ‘$125 million capital trust’ guaranteed by the private investors of MG Capital, Baron Fund and LarrainVial Chile.

Dealmakers anticipate the merger of Codere Online and DD3 to be finalised by fourth-quarter trading – establishing a new Nasdaq betting group valued at $350 million (€290m).

The SEC prospectus underlined Codere Online’s established presence within the markets of Spain, Italy, Mexico, Colombia and Panama.

 The firm’s South American profile is set to be further enhanced, as Codere Online has secured front runner positions to launch within the soon-to-be regulated markets of Brazil and Buenos Aires, Argentina.

Though Codere Online will operate as an independent business from Grupo Codere –  the new enterprise will be supported by Codere’s land-based South American gambling venues, helping its growth strategy within the markets of Spain, Colombia, Mexico, Panama and Uruguay.      

The sale of Codere Online has been approved by the debt-holders of Codere – who maintain group-wide outstanding liabilities of $700 million.


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