Codere Prepares €2B Sale with Jefferies, Macquarie

Codere is reportedly moving ahead with plans for a potential sale, having appointed Jefferies and Macquarie Capital as financial advisers to manage the process. According to reports from Spanish financial publication Expansion, the transaction could value the operator at more than €2 billion.

Accelerated Sale Timeline
While still at an early stage, the process is said to be progressing on a tight schedule. Interested parties are expected to submit initial non-binding offers by mid-May, followed by binding bids in early July. The current owners are aiming to complete the deal before the European summer period in August.

Ownership Structure and Recent Changes
Founded in 1980, Codere is Spain’s second-largest gaming operator after Cirsa. The company has undergone significant restructuring in recent years, including a debt-for-equity swap in 2024 that resulted in the Martinez Sampedro family losing control.

Ownership is now distributed among around 84 investment funds. Davidson Kempner holds the largest individual stake at 13.3%, alongside other key investors such as Palmerston Capital, Detroit, System 2 Capital and Invesco.

International Presence Drives Value
Codere’s valuation is closely tied to its extensive international operations. The group runs land-based and online gaming businesses across Spain, Italy and several Latin American markets, including Argentina, Mexico, Panama, Colombia and Uruguay. Its portfolio includes casinos, bingo halls and betting shops, offering potential buyers an established presence across multiple regulated regions.

Digital Division Included
The reported sale is also expected to include Codere Online, the company’s digital arm listed on Nasdaq. As the fastest-growing segment of the business, it adds strategic value for buyers seeking to expand in online betting and casino markets without building infrastructure from scratch.

Potential Buyers and Market Constraints
The bidding process is likely to attract both strategic operators and financial investors. However, participation from private equity firms may be limited due to environmental, social and governance policies that restrict investment in gambling-related sectors.

Neither Codere nor its advisers have publicly commented on the reported sale.