Codere, the Spanish gambling and leisure operator, has appointed Jefferies and Macquarie Capital to advise on a possible sale that market sources indicate could place the company's value at in excess of 2 billion euros - roughly $2.32 billion.
Those familiar with the process say it is still in the early stages. According to these sources, indicative bids are expected by mid-May, with binding proposals anticipated around early July. The parties involved are reported to be aiming to complete a transaction before the customary summer break in August.
The contemplated sale would encompass Codere Online, the group's digital unit that is listed on the Nasdaq. Inclusion of the online business means potential buyers would acquire exposure to both Codere's land-based operations and its digital betting platform.
Codere is Spain's second-largest group in the gambling and leisure sector, behind Cirsa. Ownership shifted following a 2024 debt-for-equity restructuring that transferred control from the founding Martinez Sampedro family to a broad group of investors. Today the company is held by about 84 investment funds, with Davidson Kempner reported as the largest single shareholder at a 13.3% stake. Other named shareholders include Palmerston Capital, Deltroit, System 2 Capital, and Invesco.
Founded in 1980, Codere operates in a series of regulated markets across Europe and Latin America, with a footprint that includes Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay. The group provides both traditional, land-based gambling services and online offerings through its digital unit.
Market participants expect the pool of potential bidders to be mixed. Industrial companies and financial investors are both possible acquirers, though some private equity firms may be constrained by environmental, social and governance - ESG - policies that limit investments in gambling businesses. Those ESG-related restrictions could narrow the universe of interested financial buyers, according to the sources.
The sale process and timetable are being driven by the advisers and current shareholders, with the timetable reflecting a structured auction aimed at securing competitive, binding offers in early July and completing a deal before the August summer lull in European markets.
Note on information limits: Details provided here reflect reporting from market sources about the contemplated process and the companys ownership structure. The situation is described as early-stage and subject to change as offers are solicited and evaluated.