Codere has reportedly engaged Jefferies and Macquarie Capital to oversee a sale process that may appraise the company at over €2 billion ($2.32 billion). According to the newspaper Expansion, initial bids are anticipated by mid-May, with a goal to finalize agreements before the summer break in August.
Insiders informed Expansion that the sale is still in its preliminary stages. The timeline outlines indicative offers due by mid-May, followed by binding bids expected in early July, aiming for completion prior to the August holiday.
Since a debt-for-equity restructuring in 2024, Codere has been under the control of around 84 investment funds, which shifted ownership from the Martinez Sampedro family. The largest shareholder, Davidson Kempner, holds a 13.3% stake, with other notable investors including Palmerston Capital, Deltroit, System 2 Capital, and Invesco.
Established in 1980, Codere operates in various regulated markets such as Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay, offering both land-based and online gambling services.
As Spain's second-largest gambling and leisure operator, following Cirsa, Codere is expected to attract interest from both industrial and financial bidders. However, some private equity firms may face limitations due to ESG-related concerns associated with gambling.
The sale is also expected to encompass Codere Online, the group's Nasdaq-listed digital division.