Gambling holding Codere put up for sale in Spain for €2B

In Spain, investment funds have put the gambling holding Codere up for sale, with a valuation that could reach around €2 billion, reports Expansión, citing market sources.

Codere ownership structure

Approximately 84 investment funds became co-owners of the company in 2024.

This followed the conversion of about €1.2 billion of debt into equity.

Largest shareholder

The largest stake of 13.3% is held by Davidson Kempner.

The remaining shares are distributed among other investors.

Deal preparation

Investment banks Jefferies and Macquarie Capital have been appointed as advisors.

The sale process is currently at an early stage.

Expected timeline

Indicative bids are expected by mid-May.

Binding offers are planned for early July.

The deal could be closed before August.

Scope of the potential deal

The transaction may include Codere Online, the group’s iGaming subsidiary.

The company is listed on the Nasdaq.

Company position

Codere and its advisors declined to comment on the request from the publication.