Spain’s Codere reportedly up for sale
Codere’s investment fund owners have reportedly engaged banks to advise on a sales process.
Spain.- Codere, the second-biggest gambling operator in Spain after Cirsa, is reportedly on the market. The Spanish media outlet Expansión says the company has engaged Jefferies and Macquarie Capital to advise on a sale process with an expected price tag of around €2bn.
According to the report, potential buyers are expected to submit initial, non-binding offers by mid-May, with a final deal anticipated by August. It’s suggested that the digital spin-off Codere Online would also be included in any potential transaction.
Codere’s ownership is currently spread across over 80 investment funds, with the largest holders being Davidson Kempner (13.3%), Palmerston Capital (5.6%), Deltroit (5.47%), System 2 Capital (5.15%) and Invesco (5.14%). The business underwent a major recapitalisation in 2024, slashing its debt from €1.4bn to about €190m to achieve stability and enable further growth in Latin America and Europe.
Founded in Spain in 1980, the group operates exclusively in regulated markets. It maintains a strong presence in Spain and Italy, as well as in Latin American markets such as Mexico, Argentina, Panama, Uruguay, and Colombia, representing an omnichannel opportunity in the region.
The company’s land-based business includes slot machines, bingo halls, sports betting terminals, arcades, gaming halls, bars and racetracks. Codere Online saw a 6 per cent rise in annual revenue in 2025 at €224m. Fourth-quarter results were particularly robust, with revenue up 15 per cent to €60.7m, supported by a 20 per cent surge in active users. Revenue from Mexico rose 12 per cent year-on-year to €119.1m, while Q4 revenue jumped 31 per cent to €32.8m.
As for potential buyers, observers suggest that the company could pass to other private equity owners, although many funds have ESG rules preventing investment in gambling. Within the gambling sector, it’s been suggested that giants like Flutter Entertainment and Allwyn International would be the most likely candidates.
The latter has just completed its merger with the Greek lottery operator OPAP just after withdrawing its deal to acquire Novibet due to competition concerns. Allwyn has also completed a $1.6bn purchase of a majority stake in PrizePicks. CEO Robert Chvátal has said that the group is exploring further M&A opportunities, particularly in proprietary sportsbook technology.
Any sale would come around a year after rival Cirsa’s IPO, which saw the Spanish operator leave the hands of Blackstone.
