The Spanish gambling titan Grupo Codere has officially commenced a high-stakes sale process that market insiders believe could value the historic corporation at more than €2 billion ($2.33 billion). According to reports from the Spanish financial newspaper Expansión, the firm has appointed Jefferies and Macquarie Capital as financial advisors to steer the acquisition through a rapid bidding timeline designed to finalize the deal before the European summer hiatus in August.
Restructured Ownership and Strategic Value
The sale marks a definitive shift in Codere’s long-term corporate identity. Since a massive debt-for-equity swap in 2024, the founding Martínez Sampedro family has relinquished control to a group of approximately 84 investment funds.
Currently, Davidson Kempner holds the largest single stake at 13.3%, followed by Palmerston Capital, Deltroit, System 2 Capital, and Invesco. This transition follows a decade of financial restructuring that successfully reduced the firm’s gross debt from €1.4 billion to approximately €190 million, while injecting €60 million in new liquidity.
Global Footprint and Digital Assets
Codere’s primary attraction for international operators is its vast international reach. Founded in 1980, it stands as Spain’s second-largest gaming company, operating a diversified network of physical casinos, bingo halls, and sports betting shops across Italy, Argentina, Mexico, Panama, Colombia, and Uruguay.
The deal crucially includes Codere Online, the group’s Nasdaq-listed digital division. As the fastest-growing segment of the business, Codere Online provides a “turnkey” solution for buyers looking to scale their digital presence in Southern Europe and Latin America. CEO Gonzaga Higuero has overseen steady operational growth, with the firm registering revenues of €1.346 billion in 2024.
Transaction Timeline and Industry Hurdles
The bidding process is moving at an aggressive pace. Non-binding indicative offers are expected by mid-May, followed by a second phase for binding bids in early July. While industrial players and financial investors have shown interest, certain private equity firms may be sidelined by modern Environmental, Social, and Governance (ESG) mandates that restrict investment in the gambling sector.
