Spanish gambling group Codere is preparing for a sale process that could value the business at more than €2bn ($2.3bn), according to a report by Expansion citing market sources familiar with the deal.
Reuters reported on 25 March that Codere has hired Jefferies and Macquarie Capital as advisers on the planned transaction. Neither Codere nor Jefferies immediately responded to Reuters’ requests for comment, while Macquarie declined to comment.
According to the report, the process remains at an early stage. Indicative bids are expected by mid-May, with binding offers due around early July and a deal targeted before the August summer break.
The potential sale would cover Codere’s wider business, including Codere Online, the group’s listed digital unit.
Expansion said potential bidders could include both industrial buyers and financial investors, although some private equity firms may face ESG restrictions on gambling-related investments, which could narrow the field.
Codere is Spain’s second-largest gambling and leisure group after Cirsa. Founded in 1980, it operates across regulated markets in Spain, Italy, Argentina, Mexico, Panama, Colombia and Uruguay, spanning land-based and online gambling.
The operator’s ownership structure changed in 2024 through a debt-for-equity deal that transferred control away from the founding Martinez Sampedro family. Codere is now owned by around 84 investment funds.
Davidson Kempner is the largest shareholder with a 13.3% stake, followed by Palmerston Capital, Deltroit, System 2 Capital and Invesco.
A sale at the reported valuation would mark a significant step in Codere’s post-restructuring path and could test investor appetite for large-scale gambling assets in regulated markets.
The inclusion of the online unit would also broaden the scope of the transaction beyond retail operations, giving bidders exposure to both digital and venue-based assets across Europe and Latin America.
In February 2026, Codere was also in the news in Mexico after its Casino By Yak venue in Cancún strengthened responsible gambling controls, including enhanced monitoring systems, staff training and a dedicated assistance hotline, amid wider scrutiny of consumer safeguards ahead of the 2026 FIFA World Cup.
Codere operates in seven regulated markets across Europe and Latin America, with the reported sale expected to include both land-based assets and Codere Online
