In Spain, investment funds have put the gambling holding company Codere up for sale, with an estimated valuation of around €2 billion, according to the publication Expansión citing market sources.
Around 84 funds became co-owners of the holding in 2024 after converting approximately €1.2 billion of debt into equity. The largest stake, at 13.3%, is held by the Davidson Kempner fund.
Advisors for the sale include investment banks Jefferies and Macquarie Capital. The tentative timeline suggests indicative bids by mid-May, binding offers by early July, and a deal closure before August.
According to Expansión, the process is still at a very early stage. The sale may also include Codere Online, the holding's iGaming subsidiary listed on Nasdaq. Codere and its advisors declined to comment on Expansión's inquiry.