Codere has hired Jefferies and Macquarie Capital as financial advisers as the operator plans for a reported sale that could value the business at €2bn.
Reported today, 25 March, by Spanish business newspaper Expansión, a sales process in now in the early innings, with mid-May being cited as a deadline for interested parties to submit offers.
The report noted that binding offers would have to be submitted by July, with a final deal set to be in place in August.
Codere Online, which is separately listed on the Nasdaq, is also expected to be part of a whole group transaction.
Codere is owned by around 84 investment funds, with Davidson Kempner holding the largest share at 13.3%.
Codere runs land-based operations across Europe and Latam, while Codere Online is live in Spain, Mexico, Argentina, Panama and Colombia.
The firm runs more than 45,000 gaming terminals, with operations expanding into bingo, sports betting, arcades and racetracks.
The wider group was established in 1980 and is headed up by CEO Gonzaga Higuero, who has held the position since July 2023. Codere Online is run by CEO Aviv Sher.
As per Codere’s 2024 annual report, adjusted EBITDA was €179m for the 12 months, with Spain serving as the group’s largest market. Revenue hit €1.3bn.
The Expansión report noted 2025 group adjusted EBITDA could be above €200m.
Codere Online, being publicly listed, has reported its full-year 2025 earnings, with revenue and adjusted EBITDA at €224.1m and €13.8m, respectively.
The potential sale of Codere comes after fellow Spain- and Latam-facing operator CIRSA publicly listed last year.
The operator, which owns Sportium and Apuesta Total, went public on several Spanish exchanges in July, valuing the business at €2.5bn.
CIRSA has also set a full-year 2026 revenue range of €2.5bn to €2.56bn, with EBITDA expected to land between €800m and €820m.
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The post Report: Codere exploring sale worth €2bn first appeared on EGR Intel.
Spanish press claim operator has tapped Jefferies and Macquarie Capital to support sale, with Nasdaq-listed Codere Online to be included in any deal
The post Report: Codere exploring sale worth €2bn first appeared on EGR Intel.