Benzinga | Jun 22, 2021 07:27AM EDT

Online Sports Betting Firm Codere Online To Go Public Via Reverse SPAC Merger With DD3 Acquisition In $350M Deal

* Special purpose acquisition company (SPAC), DD3 Acquisition Corp II (NASDAQ:DDMX), has entered into a business combination agreement with Codere Online.

* Codere Online is a part of the international gaming operator Codere Group, offering online sports betting and the online casino through websites and mobile applications.

* The deal will make Codere the first publicly listed online gaming operator in Latin America.

* The business combination values the combined company at approximately $350 million with an implied equity market capitalization of roughly $500 million.

* Existing Codere Online management will be operating the business, and Codere Group will maintain majority ownership post-business combination.

* "The omnichannel presence of Codere paired with the expansive addressable market and limited competition from global gaming operators gives Codere Online a unique advantage in their expansion across Latin America," said Martin Werner, Founding Partner, DD3.

* This is DD3 Capital Partner's second SPAC. The first SPAC successfully merged with Betterware de Mexico SAB De CV (NASDAQ:BWMX).

* Price action: DDMX shares closed higher by 0.8% at $9.99 on Monday.