Codere Launches Sale Process Valued at Over €2 Billion

(AsiaGameHub) –   Codere is once again back in the spotlight following reports that the group has hired Jefferies and Macquarie Capital to lead a sale process that could value the business at over €2 billion. While the process remains in its early stages, the existing timeline already points to a busy spring and summer for one of the biggest players in Spain’s gambling industry.

Good to Know

• Indicative bids are reportedly due by mid-May, with formal binding offers expected to be submitted by early July.
• The full transaction is expected to include Codere Online, the group’s digital business unit that is listed on Nasdaq.
• Codere is Spain’s second largest gambling and leisure operator, placing it just behind Cirsa in market size.

Codere Moves Into a New Sale Window

Rather than just a basic asset review, the reported process is structured as a full sale of the entire company with a relatively tight deadline. Expansion notes that indicative offers are due by mid-May, binding bids are expected to follow in early July, and the goal is to sign a final deal before the August summer break. Reuters confirmed these broad deal timelines in its own reporting, which adds greater credibility to the disclosed schedule.

A shift in ownership is the core reason the group is now up for sale. After a 2024 debt-for-equity restructuring that removed control from the Martinez Sampedro family, Codere is now owned by roughly 84 different investment funds. Davidson Kempner holds the largest single stake at 13.3%, while other major investors include Palmerston Capital, Deltroit, System 2 Capital, and Invesco. A sale at this stage gives these stakeholders an opportunity to cash out following the recapitalization reset.

Any potential buyer will acquire a broad, multi-market gambling footprint rather than a business focused on a single market. Founded in 1980, Codere operates across Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay, with business activity in both land-based gambling and online betting. This mix gives the group significant scale, but it also means any bidder must account for varying regulatory frameworks, local consumer trends, and country-specific risks all at once.

One key detail stands out above others: Codere Online is expected to be included in the transaction. This matters because the digital unit is publicly listed on Nasdaq, so any full group deal will include a digital business with its own independent public market profile. For buyers, this can either increase the deal’s appeal or add complexity to the transaction structure, depending on how they plan to manage the listed subsidiary.

Potential interest in the deal could come from both strategic industrial buyers and financial investors, though the gambling sector still creates limitations for part of the buyout market. Some private equity firms face ESG restrictions that limit their exposure to gambling assets, which may narrow the pool of bidders and give strategic buyers a clearer advantage. In practice, this is likely to leave a shorter but more serious list of qualified bidders as the process nears the July deadline.

There is also a key financial backdrop worth noting. According to industry coverage published after the sale report emerged, Codere reported 2024 revenue of €1.346 billion and adjusted EBITDA of €179 million. These financial numbers help explain why investors may test a valuation above €2 billion, even though the final price will depend on bidder appetite and how the online business is structured within the overall deal. This valuation expectation is an inference based on Codere’s reported 2024 performance and the current sale target.