Codere reportedly explores sale with Jefferies and Macquarie, targets over €2 billion valuation

Codere has reportedly appointed Jefferies and Macquarie Capital to manage a sale process that could value the company at more than €2 billion ($2.32 billion), with indicative bids due by mid-May and a targeted signing before the August summer break, according to newspaper Expansion.

Sources familiar with the deal told Expansion that the planned transaction remains in an early stage. The timeline includes indicative offers by mid-May, followed by binding bids expected in early July, with completion targeted before the August holiday period.

The company has been controlled by approximately 84 investment funds since a 2024 debt-for-equity restructuring that transferred ownership from the Martinez Sampedro family.

Davidson Kempner is the largest shareholder with a 13.3% stake. Other investors include Palmerston Capital, Deltroit, System 2 Capital, and Invesco.

Founded in 1980, Codere operates in regulated markets including Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay. Its activities cover both land-based venues and online gambling.

Codere is Spain’s second-largest gambling and leisure operator after Cirsa.

Potential bidders could include both industrial and financial investors. Some private equity firms face ESG-related restrictions linked to gambling, which may limit participation.

The transaction is expected to include Codere Online, the group’s Nasdaq-listed digital unit.