Published by Global Banking & Finance Review®
Posted on March 25, 2026
2 min readLast updated: March 25, 2026
Add as preferred source on Google
MADRID, March 25 (Reuters) - Spanish gambling group Codere has hired Jefferies and Macquarie Capital to advise on the company's imminent sale that could value it at more than 2 billion euros ($2.32 billion), newspaper Expansion reported on Wednesday, citing several market sources familiar with the deal.
According to the report, the process is still at an early stage, with indicative bids due by mid-May, binding offers expected around early July and a deal targeted before the August summer break.
Neither Codere nor the two banks immediately replied to Reuters' requests for comment.
Codere, Spain's second-largest gambling and leisure group after Cirsa, is owned by about 84 investment funds since a 2024 debt-for-equity deal that handed control away from the founding Martinez Sampedro family.
Davidson Kempner is the largest shareholder with a 13.3% stake, ahead of Palmerston Capital, Deltroit, System 2 Capital and Invesco.
The group, founded in 1980, operates in regulated markets in Spain, Italy, Argentina, Mexico, Panama, Colombia and Uruguay, across both land-based and online gambling.
Potential bidders could include both industrial and financial investors, although some private equity firms face ESG-related restrictions on investing in gambling, which may narrow the pool, Expansion said in its report.
The report said that the deal would include Codere Online, the group's Nasdaq-listed digital unit.
($1 = 0.8624 euros)
(Reporting by David Latona; Editing by Tomasz Janowski)
Jefferies and Macquarie Capital have been hired to advise Codere on its imminent sale process.
Codere is expected to be valued at more than 2 billion euros, or approximately $2.3 billion.
Indicative bids are due by mid-May, with binding offers expected around early July and a deal targeted before August.
The largest shareholder is Davidson Kempner with a 13.3% stake, followed by Palmerston Capital, Deltroit, System 2 Capital, and Invesco.
Codere operates in Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay, across both land-based and online gambling markets.
Explore more articles in the Finance category
