Analysis

Codere sale: Could splitting the group unlock buyer interest?

Codere's individual business divisions are reportedly attracting greater interest from potential buyers than the group as a whole. Following years of financial restructuring and a successful turnaround, can its investors finally cash in on the recovery?

· 4 min read
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Marieta Lezaic avatar Marieta Lezaic Content Writer
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Codere acquisition
Key Points
Codere's European, Latin American and online businesses are attracting greater buyer interest separately than as a single group
Doubts surrounding Argentina's operating environment and a Mexican tax liability are reportedly complicating interest in acquiring Codere as a whole
Investors continue to favor a whole-company sale, but limited buyer interest may push them towards a divisional break-up to facilitate the exit

After years of financial difficulties and successive restructurings, Codere has made a significant turnaround. The investment funds that took control of the Spanish gambling group have been looking to capitalize on its recovery and secure an exit from their investments.

Following a series of restructurings, Codere's ownership is now spread across approximately 56 investment funds, most of which are opportunistic investors.

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