Codere Starts Sale Process That Could Top €2 Billion

Codere is back in focus after reports that the group has hired Jefferies and Macquarie Capital to run a sale process that could value the business at more than €2 billion. The process is still at an early stage, but the timetable already points to a busy spring and summer for one of the biggest names in Spanish gambling.

Good to Know

• Indicative bids are reportedly due by mid May, with binding offers expected in early July.
• The deal is expected to include Codere Online, the group digital unit listed on Nasdaq.
• Codere is Spain second largest gambling and leisure operator after Cirsa.

Codere Heads Into a New Sale Window

Rather than a simple asset review, the reported process looks like a full company sale with a fairly tight deadline. Expansion said indicative offers are due by mid May, then binding bids are expected in early July, with signing targeted before the August summer break. Reuters matched those broad deal terms in its own report, which gives the timeline more weight.

Ownership is a big reason the group is in play now. Codere passed into the hands of about 84 investment funds after a 2024 debt for equity restructuring that took control away from the Martinez Sampedro family. Davidson Kempner holds the largest stake at 13.3%, while other investors include Palmerston Capital, Deltroit, System 2 Capital, and Invesco. A sale now would give those holders a chance to cash out after the recapitalisation reset.

Any buyer would be getting a broad gambling footprint rather than a single market story. Founded in 1980, Codere operates across Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay, with activity in both land based gambling and online betting. That mix gives the group scale, but it also means any bidder has to price in different regulatory models, consumer trends, and country risks at the same time.

One detail stands out more than most: Codere Online is expected to be included in the transaction. That matters because the online unit is listed on Nasdaq, so any full group deal would pull in a digital business with its own public market profile. For buyers, that can either raise the appeal or make deal structure more complex depending on how they want to handle the listed arm.

Potential interest could come from both industrial buyers and financial investors, although gambling still creates limits for part of the buyout market. Some private equity firms face ESG restrictions tied to gambling exposure, which may narrow the field and give strategic buyers a clearer lane. In practice, that could leave a shorter but more serious bidder list once the process gets closer to July.

There is also a financial backdrop worth noting. Codere reported 2024 revenue of €1.346 billion and adjusted EBITDA of €179 million, according to industry coverage following the sale report. Numbers at that level help explain why investors may try to test a valuation north of €2 billion, even if the final price will depend on bidder appetite and how the online business is treated inside the package. That valuation case is an inference based on reported 2024 performance and the sale target.

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