Codere, the Spanish based betting and gaming group announced the acquisition of the additional 50% of Hípica Rioplatense Uruguay (HRU), for USD33 million. In this way Codere becomes full owner of HRU, which manages two racecourses in the South American country.
The official communication addressed to the Madrid SE, states that the Board of Codere S.A. on 29 November 2016 authorized the aforementioned acquisition from Verfin Overseas Inc. and, as a consequence, “Codere will become the holder of the whole of the share capital of HRU S.A. once the funds of the transaction are received“.
HRU was created in 2002 by Sociedad Latinoamericana de Inversiones and Codere, when they won the concession tender to operate the Maroñas National Racetrack, jointly with the Uruguay’s Direccion General de Casinos (the country’s regulator and operator). The concession contract with the State has a provision for the exploitation of five (gaming) entertainment centres. Codere also operates over 25 horse betting agencies in Uruguay.