Codere has reportedly been put up for sale, with a valuation exceeding €2 billion ($2.3 billion). Spanish newspaper Expansión disclosed on Wednesday that Codere has enlisted Jefferies and Macquarie Capital as advisors to facilitate the sale process. Interested buyers are expected to present non-binding offers by mid-May, aiming to finalize a purchase agreement ahead of the summer break in August.
Currently, the company’s ownership is distributed among approximately 84 investment funds. In 2024, Codere completed a recapitalization agreement that significantly reduced its corporate debt from €1.4 billion to around €190 million. Codere described this move as a pathway to ensure a situation of “stability and growth,” enabling the company to pursue further expansion opportunities in Latin America and Europe.
Following the recapitalization, Codere stated, “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.”
Codere operates in European markets such as Spain and Italy, as well as in Latin American countries including Mexico, Argentina, Panama, Uruguay, and Colombia. Reports indicate that Codere Online would likely be included in any potential sale of the wider business.
In terms of potential buyers, Ed Birkin, managing director of H2 Gambling Capital, suggested that the rumored valuation might be excessive for most interested parties but identified Allwyn International and Flutter Entertainment as possible contenders. Allwyn recently finalized a $1.6 billion acquisition of a 62.3% stake in PrizePicks and is exploring other M&A opportunities, particularly focused on proprietary sportsbook technology, according to CEO Robert Chvátal during a post-FY2025 investor call. Birkin noted that Codere could represent an “interesting omnichannel opportunity” for operators seeking to enter the Latin American market.
Coverage on this developing situation will continue as new information emerges.
