Codere is up for sale at a valuation of more than €2 billion ($2.3 billion), according to reports.
On Wednesday, Spanish newspaper Expansión reported Codere had hired Jefferies and Macquarie Capital as advisors to prepare the company for a sale.
According to the report, interested parties are expected to submit non-binding offers for Codere by mid-May, with a final purchase agreement in place prior to the summer break in August.
Currently, Codere’s shareholding is split between around 84 investment funds.
In 2024, Codere underwent a recapitalisation agreement that reduced its corporate debt from €1.4 billion to around €190 million.
This, it said, would ensure a “future of stability and growth” and allow it to target further expansion in LatAm and Europe.
“With an optimal debt structure and greater liquidity, Codere is in a position to take advantage of new expansion opportunities in its key markets, thus consolidating its leadership in the sector,” the group said in a statement at the time of the recapitalisation’s completion.
Codere currently operates in the European markets of Spain and Italy, as well as the LatAm markets of Mexico, Argentina, Panama, Uruguay and Colombia.
Codere Online would reportedly be involved in any potential sale of the wider business, say the reports.
Allwyn a potential Codere suitor
Ed Birkin, managing director of H2 Gambling Capital, told iGB he expects the rumoured €2 billion price valuation to be too much for most.
He suggested Allwyn International and Flutter Entertainment as potential buyers, while remaining in private equity is another option.
In January, Allwyn closed its $1.6 billion acquisition of a 62.3% stake in PrizePicks, and on a post-FY2025 investor call, CEO Robert Chvátal said the company was exploring other M&A opportunities, though primarily in its pursuit of prorprietary sportsbook technology.
Birkin also said Codere could prove to be a potentially “interesting omnichannel opportunity” for operators looking to make a move into LatAm.
iGB will have more on this story as it comes in…
