Investors in Grupo Codere are exploring various scenarios for the sale of the Spanish gambling group. Among the options under consideration is the disposal of individual key business divisions through separate transactions.
According to Spanish media reports, investors, most of whom are Codere bondholders, are concerned about the lack of interest from potential buyers in acquiring the group, which was put up for sale in March last year.
In March, it emerged that Codere had appointed Jefferies and Macquarie Capital as financial advisers to oversee a potential sale of the business. The proposed transaction is valued at approximately €2bn (around $2.24bn).
A potential sale would provide an exit opportunity for investment funds that gained control of Codere through several rounds of financial restructuring. In 2024, creditors recapitalised approximately €1.2bn ($1.35bn) of the group’s debt, significantly strengthening its financial position after several years of financial difficulties.
According to Expansión, Codere’s ownership is currently spread across approximately 56 investment funds. Its largest shareholder is US hedge fund Davidson Kempner, with a 20.37% stake. Other investors named by the publication include Soros Fund, System 2 Capital, Deltroit and Astaris.
The potential transaction involves three separate business divisions: the European operations in Spain and Italy; the Latin American business across Argentina, Mexico, Panama, Colombia and Uruguay; and the separately listed subsidiary Codere Online.
According to Expansión, the attractiveness of Codere’s individual assets to potential buyers depends on their geographical exposure. In particular, investor concerns about the situation in Argentina and the significant increase in the tax burden in Mexico could complicate the sale of the entire group in a single transaction.
Codere’s position in Spain and Italy could face additional competitive pressure due to the planned merger of its main competitor CIRSA with Lottomatica, the leading operator in the Italian market. The new European gambling group resulting from the deal is expected to have a valuation of more than €4bn ($4.49bn).
The ownership review comes as Codere continues to improve its financial and operational performance under the leadership of Chief Executive Gonzaga Higuero.
According to Expansión, the group’s revenue increased by 3% in 2025 to €1.45bn (around $1.63bn). Adjusted EBITDA recorded a more substantial rise of 26%, reaching €225m (around $252m). Latin American operations continue to make the largest contribution to both the group’s revenue and earnings.
However, it remains unclear whether Codere’s recent improvements will be sufficient to justify a €2bn valuation (around $2.24bn) following several years of underperformance. The question remains whether the group will be sold as a whole or through the disposal of individual business divisions.
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