Codere Sale Process Initiated with $2.3 Billion Valuation

(AsiaGameHub) –   Reports indicate that Codere is being offered for sale with a valuation exceeding €2 billion ($2.3 billion).

According to a Wednesday report from the Spanish newspaper Expansión, Codere has engaged Jefferies and Macquarie Capital as financial advisors to facilitate a sale of the company.

The report states that potential bidders are anticipated to present non-binding offers by the middle of May, aiming for a final sale agreement to be settled before the August summer break.

The company’s ownership is currently distributed among approximately 84 investment funds.

A recapitalization process completed by Codere in 2024 significantly lowered its corporate debt, from €1.4 billion to approximately €190 million.

The company stated that this move would secure a “future of stability and growth” and enable it to pursue additional expansion in both Latin America and Europe.

Upon finalizing the recapitalization, the group said in a statement, “With an optimal debt structure and greater liquidity, Codere is in a position to take advantage of new expansion opportunities in its key markets, thus consolidating its leadership in the sector.”

Codere’s current operations span the European markets of Spain and Italy, as well as the Latin American markets of Mexico, Argentina, Panama, Uruguay, and Colombia.

The reports also suggest that Codere Online would be included in any potential sale of the broader business.

Allwyn a potential Codere suitor

Ed Birkin, the managing director of H2 Gambling Capital, informed iGB that he believes the rumored €2 billion price tag will be prohibitively high for many potential acquirers.

He identified Allwyn International and Flutter Entertainment as possible purchasers, while also noting that the company remaining under private equity ownership is another viable scenario.

In January, Allwyn finalized the acquisition of a 62.3% stake in PrizePicks for $1.6 billion. Following the FY2025 investor call, CEO Robert Chvátal mentioned the company is assessing other merger and acquisition prospects, although its main focus is on obtaining proprietary sportsbook technology.

Birkin added that Codere might represent a potentially “interesting omnichannel opportunity” for gaming operators seeking to enter the Latin American market.

iGB will have more on this story as it comes in…