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Codere Online reported a 43% increase in total net gaming revenue, reaching €21.0 million in Q2 2021, compared to €14.7 million in Q2 2020. The growth was driven by remarkable performances in Mexico and Spain, with revenues of €6.4 million and €12.6 million, representing increases of 108% and 23%, respectively. The company projects a net gaming revenue of between €81 million and €86 million for 2021, and anticipates finalizing its business combination with DD3 Acquisition Corp. II in Q4 2021.
Codere Online Luxembourg, S.A. has filed a registration statement with the SEC for a proposed business combination with DD3 Acquisition Corp. II (NASDAQ:DDMX). This merger aims to complete by Q4 2021, pending SEC approval and stockholder consent. Codere Online is a leader in online sports betting and casino operations across Latin America, enhancing its presence with physical locations. The combination will form a significant entity in the gaming industry, leveraging Codere's established market in Spain, Italy, and other regions. Shareholders are encouraged to review all related documents for comprehensive details.
Codere has entered a sponsorship agreement with Club Atlético River Plate, making it the Official Betting Partner until August 2025. This partnership, effective from August 2021, aims to enhance Codere’s brand visibility in Argentina and Latin America through various marketing actions. The collaboration aligns with Codere's goal to bolster its online sports betting business post-pandemic, following their merger agreement with DD3 Acquisition Corp. II. This strategic move positions Codere as a leader in the digital gaming sector in key markets.
Codere has secured a sponsorship agreement with Monterrey Rayados Football Club, elevating its role to the main sponsor for the next four seasons, allowing its logo to be displayed on the team's shirts. This initiative aims to bolster Codere's brand as a leading betting partner in Mexico. Additionally, Codere Online, its digital subsidiary, has launched as the first publicly-listed online gaming operator in Latin America. The partnership is expected to create joint marketing actions and enhance fan experiences, furthering Codere's growth in the region.
DD3 Acquisition Corp. II (Nasdaq: DDMX) has announced a definitive business combination with Codere Online, a prominent online gaming operator in Latin America. The transaction will create a public company valued at approximately $350 million, based on an estimated 2022 revenue of $150 million. Codere is expected to leverage a $125 million cash trust and over $67 million in PIPE investments to enhance marketing and technology. The deal reflects a strong growth outlook in Latin America, where market penetration remains low. The merger completion is anticipated in Q4 2021.
Codere Online is set to become the first publicly listed online gaming operator in Latin America following its business combination with DD3 Acquisition Corp. II (NASDAQ: DDMX) announced on June 22, 2021. This strategic merger will enhance Codere's market presence in online sports betting and casino operations, established since 2014, in key markets including Spain, Italy, Mexico, Colombia, and Panama. The company anticipates launching operations in Buenos Aires, Argentina, by late 2021, thereby expanding its omnichannel gaming footprint.
DD3 Acquisition Corp. II (Nasdaq: DDMX) has signed a definitive agreement to merge with Codere Online, a premier online gaming operator in Latin America, establishing a pro forma enterprise value of approximately $350 million. The deal aims to capitalize on the growing online gaming market, with Codere Online expecting significant revenue growth driven by favorable demographic trends. The transaction includes $125 million in cash and a PIPE investment exceeding $67 million. Completion is anticipated in Q4 2021, positioning Codere Online for expansion across Latin America, including new market entry in Buenos Aires.
DD3 Acquisition Corp. II (Nasdaq: DDMX) announced it received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to a delay in filing its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. The Company has until July 26, 2021, to submit a plan to regain compliance unless the Form 10-Q is filed before this date. The delay is linked to the accounting treatment of its warrants following new SEC guidance. The Company is working to complete the Form 10-Q promptly to regain compliance.
DD3 Acquisition Corp. II announced that holders of its 12,500,000 units from the initial public offering on December 10, 2020, can begin trading their Class A common stock and warrants separately starting January 27, 2021. Units will continue to trade on Nasdaq under the symbol DDMXU, while Class A shares and warrants will trade under DDMX and DDMXW, respectively. The Company aims to pursue various forms of business combinations but does not limit itself to specific industries or regions.
