Report: Grupo Codere engages advisors for potential sale of over $2 billion

(AsiaGameHub) –   Grupo Codere has allegedly hired Jefferies and Macquarie Capital to provide advisory services for the company’s planned $2.3 billion sale.

Spanish business publication Expansion, through Reuters, reported on Wednesday that though the sale remains in its early phases, non-binding indicative bids are due by mid-May, and binding offers are anticipated in early July.

A finalized deal is expected to be targeted prior to August. iGaming Expert has contacted Codere seeking comment regarding the reported sale and the appointment of Jefferies and Macquarie Capital as advisors.

Codere operates both land-based and iGaming services across Europe and Latin America in regulated markets including Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay. The report further noted that the transaction will encompass the group’s digital division, Codere Online.

The gaming operator is owned by roughly 84 investment funds, with Davidson Kempner serving as its largest shareholder holding a 13.3% stake. This ownership setup has remained in place since 2024, when a debt-for-equity swap transferred control of Codere from the founding Martinez Sampedro family.

Codere has faced a turbulent 12 months, as its online division was at risk of being delisted from the Nasdaq Stock Market in May of the previous year after it missed the deadline to file its Form 20-F for the fiscal year ending December 31, 2024.

Within the following month, after fulfilling the stock exchange’s listing criteria, Codere Online successfully regained compliance with Nasdaq following the submission of the required form to the US Securities and Exchange Commission.

For the fourth quarter of 2025, Codere Online announced a 15% rise in revenue, jumping from €52.7 million to €60.7 million, alongside quarterly and annual growth in active player counts: a 13% increase for the full 2025 year and a 20% uptick in Q4.

Aviv Sher, Chief Executive Officer of Codere Online, stated: “In the fourth quarter of 2025, our net gaming revenue hit €60.7 million, which stands as the highest quarterly total in the company’s history.

“This growth was primarily fueled by Mexico, where our net gaming revenue rose 31% following a 43% increase in our active customer base in the nation. In December, we reached a milestone of 100,000 active players in the country, putting us in a strong position for the upcoming summer World Cup.”

Codere Online projects net gaming revenue of €235 million to €245 million and adjusted EBITDA ranging from €15 million to €20 million by the end of 2026.