Codere Group has announced plans to spin off its Codere Online business, with the new publicly listed company to be traded on the US Nasdaq stock market.
Codere Online, valued at approximately $350m, will continue to be led by its existing management team and Codere Group will maintain majority ownership. It will analyse options to access the Hispanic online gambling niche in the US, as well as building existing markets such as Colombia and leading new opportunities in Brazil, Chile and elsewhere in Latin America.
In a statement, Codere Group said the listing will progress through a business combination agreement between Codere Online and special purpose acquisition company (SPAC) DD3 Acquisition Corp which has already been approved by the boards of both parties.
Completion of the proposed business combination – which Codere Group claims will create the first publicly listed online gaming operator in Latin America – is expected in the fourth quarter of 2021.