Codere analyze possible IPO for its Latin American operations
“We are exploring opportunities to increase the value of our shareholders which could include divestiture of certain assets, or a public transaction like an IPO of LatinAmericans operations,” the Group said in a conference following the results of the company.
Codere obtains from its business in Argentina and Mexico almost three quarters of its EBITDA. Firm’s operating income increased by 16.4% in 2010, up to 1126.5 million Euros, thanks to the surge of income in Argentina (461 million Euros, up 31%), Mexico (219.3 million Euros, 13.6%), Italy (137.4 million, 5.1%) and Panama (62.3 million, 29.8% more than in 2009).
Sports betting market in Spain also contributed to income growth, whith a 55.9% increase to 5.3 million Euros, and other markets such as Brazil (+26,1%), Colombia (+ 19%), and Uruguay (+13.4%).
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