€2 Billion Deal Looms as Spain’s Second-Largest Gambling Operator Codere Heads for Sale

^{Pictured: Gonzaga Higuero, Chief Executive Officer of Codere}

Spanish gambling group Codere, one of the country’s largest betting operators, is preparing for a potential sale that could value the business at more than €2 billion, Reuters reported, citing sources familiar with the matter.

The company has engaged investment banks Jefferies and Macquarie Capital to support the transaction. The process is still at an early stage. Indicative bids are expected by mid-May, with binding offers due in early July. The deal could be completed by the end of summer.

Codere is Spain’s second-largest gambling operator after Cirsa.

Control of the company shifted in 2024 following a debt restructuring. The founding Martínez Sampedro family ceded ownership to a group of investment funds, which now hold about 84% of the shares.

The largest shareholder is Davidson Kempner, with a 13.3% stake. Other investors include Palmerston Capital, Deltroit, System 2 Capital and Invesco.

Founded in 1980, Codere operates in regulated markets across Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay. Its business includes both land-based operations and its online unit, Codere Online.

Potential buyers include both industry players and financial investors.

Gambling Park previously reported that Fortuna Entertainment Group had agreed to acquire a 70% stake in Lithuanian operator TOPsport.