Spanish gambling group Codere to go on sale for $2.3 billion, Expansion reports
Codere, a Spanish gambling group, is seeking a sale potentially valued at over $2.3 billion, advised by Jefferies and Macquarie Capital.Summary
Spanish gambling group Codere has engaged Jefferies and Macquarie Capital to oversee its upcoming sale, which could exceed a valuation of 2 billion euros ($2.32 billion), according to a report by Expansion. The sale process is in its early stages, with indicative bids expected by mid-May and binding offers anticipated around early July, aiming for a deal before the August break. Codere, the second-largest gambling and leisure group in Spain after Cirsa, is currently owned by approximately 84 investment funds following a 2024 debt-for-equity restructuring that transferred control from the founding Martinez Sampedro family. Davidson Kempner holds the largest stake at 13.3%. The group operates in multiple regulated markets including Spain, Italy, Argentina, and Mexico, offering both land-based and online gambling services. Potential bidders may include both industrial and financial investors, though ESG restrictions could limit participation from some private equity firms. The sale will encompass Codere Online, the group’s Nasdaq-listed digital unit.
(Source：Reuters)