Spanish gambling group Codere has hired Jefferies and Macquarie Capital as advisors in preparation for a sale that could have the company valued at around €2 billion, local newspaper Expansion has reported. While the process is reportedly still at an early stage, the target seems to be to have a deal ready ahead of the August summer break. Bidders interested in the company are expected to submit their initial offers by around mid-May, with binding bids anticipated by around early July. Additionally, the report stated that the deal would include Codere Online, which is the group’s Nasdaq-listed digital unit.
Codere’s position
Codere is a significant player in the Spanish market, as it is currently the second-largest gambling company in the country. It also operates in other markets, including Argentina, Italy, Mexico, and Uruguay. The company is owned by around 84 investment funds, with Davidson Kempner Capital Management being the largest shareholder with a 13.3% stake in the business. Other shareholders include Deltroit Asset Management and Palmerston Capital.
In 2023, Codere initiated a recapitalisation process in response to financial pressures and challenges. This action was supported by creditors, with the reasoning being that the company would have a solid financial footing going forward. A major outcome resulting from that recapitalisation process was the reduction of its net debt at the time to approximately €65 million.
Being a major player both in the digital and land-based market, Codere is an asset that many would likely be interested in, especially after the company managed to effectively stabilise its balance sheet through efforts such as the aforementioned recapitalisation process. With the current owners now looking to exit, interested buyers will be weighing the value of acquiring such a major player in the Spanish market in the context of industry and market trends.
Codere Online’s value
In its reports going over its financial results for 2024, Codere Online had stated that net gaming revenue had risen 23 per cent year-on-year to €211.6 million, with adjusted EBITDA also having increased by 18.1 per cent to €6.4 million. In Spain, its revenue had increased by 16 per cent year-on-year to €87.7 million, which was supported by a 17 per cent rise in monthly active players.
Codere Online also ended 2025 positively in terms of revenue, having reported a total year-on-year revenue growth of 6 per cent. The Chief Executive Officer of Codere Online, Aviv Sher, had stated that their net gaming revenue for Q4 2025 had reached €60.7m, which marked the highest quarterly figure in the company’s history. He added that the increase had mostly been driven by Mexico, where their net gaming revenue had grown by 31% following a 43% increase in their portfolio of active customers in Mexico. He had remarked that their base of 100,000 active players, which was a record they had achieved in December 2025, would, in turn, position them well for the upcoming World Cup in the summer of 2026.
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