Reportedly, Spain’s Codere is on the market for sale

(AsiaGameHub) –   Investment fund owners of Codere have reportedly hired banks to provide advice on a potential sale.

Spain.- Codere, which ranks as Spain’s second-largest gambling operator behind Cirsa, is said to be for sale. According to Spanish publication Expansión, the firm has retained Jefferies and Macquarie Capital to counsel on a sale that could value it at approximately €2bn.

The report indicates that interested parties should lodge preliminary, non-binding offers by mid-May, with completion of a deal expected by August. The digital division Codere Online would likely be part of any transaction, according to sources.

The company’s equity is presently distributed among more than 80 investment funds, with major stakeholders including Davidson Kempner (13.3%), Palmerston Capital (5.6%), Deltroit (5.47%), System 2 Capital (5.15%) and Invesco (5.14%). In 2024, the group executed a substantial recapitalisation that reduced its debt from €1.4bn to roughly €190m, aiming to secure stability and support expansion across Latin America and Europe.

Established in Spain in 1980, the group confines its operations to regulated jurisdictions. It holds a solid position in Spain and Italy, alongside Latin American markets including Mexico, Argentina, Panama, Uruguay and Colombia, offering an omnichannel opportunity throughout the region.

Its bricks-and-mortar operations comprise slot machines, bingo venues, sports betting terminals, amusement arcades, gaming halls, bars and racetracks. Codere Online posted a 6 per cent increase in full-year revenue for 2025 to €224m. The fourth quarter showed especially strong performance, with turnover climbing 15 per cent to €60.7m, driven by a 20 per cent rise in active customers. Mexican revenue grew 12 per cent annually to €119.1m, while Q4 turnover surged 31 per cent to €32.8m.

Regarding prospective purchasers, industry watchers believe the business could transfer to other private equity holders, though numerous funds face ESG restrictions on gambling investments. Among gaming sector players, Flutter Entertainment and Allwyn International are seen as probable suitors.

Allwyn recently finalised its merger with Greek lottery firm OPAP shortly after abandoning its Novibet takeover bid over competition issues. The group has also wrapped up a $1.6bn acquisition of a controlling interest in PrizePicks. Chief executive Robert Chvátal has indicated that the company is seeking additional M&A prospects, specifically in owned sportsbook technology.

A transaction would occur roughly one year following competitor Cirsa’s stock market debut, which transferred the Spanish operator from Blackstone’s ownership.