Spanish Gambling Group Codere up for Sale at $2.3 Billion

Codere has been reported to be up for sale, the gambling group which is Spain’s second-largest gambling operator values the business at more than $2.3 billion. The company has hired Jefferies and Macquarie Capital to advise on the imminent sale. Currently owned by approximately 84 investment funds following a 2024 debt-for-equity deal, the Codere gambling company represents a significant consolidation opportunity in the European and Latin American markets. Davidson Kempner holds the largest stake at 13.3%. The potential deal includes both the group’s land-based operations across seven regulated markets and its Nasdaq-listed digital unit, Codere Online.

Codere Hires Jefferies and Macquarie for $2.3 Billion Sale

The advisory mandate represents a strategic move by the Spanish gambling operator to explore acquisition opportunities from potential buyers across global markets. Jefferies and Macquarie Capital will guide Codere through a structured sale process designed to maximize shareholder value.

According to market sources familiar with the transaction, the deal remains at an early stage with a clear timeline established for interested parties. Indicative bids are due by mid-May, allowing prospective buyers approximately six weeks to conduct preliminary due diligence and submit non-binding proposals. The process then advances to binding offers expected around early July.

Codere has set an ambitious completion target before the August summer break. This compressed timeline reflects the company’s determination to finalize negotiations during a period of heightened interest in the European and Latin American gaming sectors.

Expansion newspaper reported the transaction details, citing several market sources with direct knowledge of the proceedings. The valuation exceeds 2 billion euros, translating to approximately GBP 1.83 billion at current exchange rates. The figure positions Codere among the larger gaming sector transactions in the region, attracting attention from private equity firms and strategic buyers seeking expansion in regulated markets.

Who Owns Codere Today?

Approximately 84 investment funds control Codere following a transformative restructuring completed in October 2024. The transaction transferred ownership away from the founding Martinez Sampedro family, who had controlled the business for decades before creditors assumed control.

The recapitalization restructured EUR 1.4 billion in secured debt, receiving overwhelming support from the group’s creditors. As a result, net debt plummeted from EUR 1.4 billion to EUR 190 million. Ownership of the operating group transferred to a new Luxembourg-registered holding company wholly owned by the super senior noteholders.

Codere CEO Gonzaga Higuero stated the agreement would “reposition Codere as a strong market player and serve as a solid foundation for its future”. The restructuring marked the fifth such arrangement in recent years, slashing total debt by 92%.

Beyond Davidson Kempner’s leading position, several other significant stakeholders emerged from the debt conversion. Palmerston Capital, Deltroit, System 2 Capital and Invesco hold substantial positions in the restructured entity[19]. The company issued approximately EUR 128 million of new first priority notes as part of the transaction, fully subscribed by holders of its super senior notes.

The Martinez Sampedro family subsequently filed appeals demanding compensation, claiming US investors bypassed Spanish takeover laws when assuming control.

What Could Shape Codere’s Sale Outcome?

Environmental, social, and governance considerations may narrow the pool of potential bidders for Codere. Some private equity firms face ESG-related restrictions on investing in gambling operations. This constraint has grown significant as responsible investment approaches moved from exception to expectation over the past decade.

Furthermore, 73% of private equity investors have established strong ESG frameworks. Formalized integration of ESG factors has become the norm, with stakeholders increasingly expecting firms to demonstrate responsible investment practices. Companies with strong ESG scores command premiums in transactions, while portfolio companies with robust ESG profiles attract more buyer interest and achieve higher valuations during sales.

Consequently, Codere must balance these headwinds against substantial market strengths. The operator maintains presence across seven regulated markets in Europe and Latin America, operating exclusively where tax regimes and business plans remain clear. Mexico generated 53% of full-year 2025 net gaming revenue, positioning the company in a market growing at 24% compound annual growth rate.

Codere ranks 77th among Spain’s most valuable brands, the only gaming brand on the list. Partnerships with Real Madrid and C.F. Monterrey bolster brand recognition. The competitive landscape shifted notably when two major Mexican competitors shut down for regulatory reasons before the World Cup.