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 (£251.8m/€294.2m), will continue to be led by its existing management team and Codere Group will maintain majority ownership.
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.
Codere Online said it will seek to take its business model in Spain and Mexico throughout Latin America.
