Grupo Codere is reported to have brought in Jefferies and Macquarie Capital as part of a strategic review which could culminate in a huge $2.3bn sale of the business.
The Spanish gambling giant, which also holds a significant footprint across both North America and Latin America, is reported to be in the early stages of the sales process, though a clear timeline has emerged according to local news source, Expansión.
Indicative bids are expected by mid-May, with the board aiming for binding offers by early July. If successful, a deal could be finalized before the August summer break.
A new chapter for Codere
The potential sale, if it goes ahead, would mark a major milestone for Codere, which has spent a significant part of the last decade navigating complex debt restructurings.
The current ownership structure – whereby the brand is owned by a consortium of approximately 84 investment funds led by Davidson Kempner which owns 13.3% – took control of the brand in 2024. This was after a debt-for-equity swap that brought an end to the founding Martinez Sampedro family’s tenure.
Central to any new acquisition agreement will be Codere Online, the group’s Nasdaq-listed digital arm.
While the subsidiary faced a turbulent period in 2024 involving delisting threats over filing delays, it has since stabilized and emerged as a high-growth engine for the group, particularly in the Mexican market.
In its recent 2025 results, Codere Online reported a 6% year-over-year revenue increase to €224m – noting that Q4 was a particularly strong period of activity, with Mexico leading the way for a solid performance. This was complemented by a 31% increase in net gaming revenue.
For potential suitors, Codere offers a ready-made gateway into the lucrative Latin American region, with a solid footprint in Mexico, Argentina, Panama, Colombia and Uruguay. This is in addition to its stronghold in Europe across both Spain and Italy.
Competitive landscape
The timing of the sales discussions is notable, given the looming 2026 FIFA World Cup. With Mexico as one of the host nations, the opportunities for brand exposure are enormous this year.
A sale of this magnitude would likely attract interest from global tier-one operators looking to challenge Cirsa’s dominance in the Spanish-speaking world, a brand which is arguably one of Codere’s biggest competitors.
Cirsa itself has hinted at Latin American M&A ambitions for 2026, creating the possibility of a domestic heavyweight battle for Codere’s assets.
