Willkie represented investor MG Partners Multi-Strategy Fund LP in connection with the transaction.
Codere Online, a leading online gaming and sports betting operator in Latin America, and DD3 Acquisition Corp. II (Nasdaq: DDMX) (“DD3”), a special purpose acquisition company, announced that they have entered into a definitive business combination agreement providing for a transaction that will result in Codere Online becoming the first publicly-listed online gaming operator in Latin America. The transaction values Codere Online at an initial enterprise value of $350 million.
MG Capital, LarrainVial and DD3 Capital Partners among other investors, have committed to a private investment of more than $67 million that will close concurrently with the business combination, and other investors have committed to roll-over approximately $10 million of DD3 public shares. DD3 has $125 million of cash in its trust account, exclusive of any accrued interest. Codere Group has agreed to roll-over approximately 90% of its ownership and will maintain a majority ownership interest in Codere Online following consummation of the business combination.
Codere Online launched in 2014 as a part of the international gaming operator Codere Group, offering online sports betting and online casino through its websites and mobile applications. Proceeds from the transaction are intended to be used primarily to fund marketing expenditures, technology platform improvements and expansion into new high-growth markets
The Willkie team was led by partners Angela Olivarez and Eric Halperin with assistance from associates Andrew Marmer and Connor McMillan.