Investors Weigh Break-up Sale for Grupo Codere with €2bn Valuation on Table
Bondholders consider separate sales of Spain/Italy, Latin America and Codere Online amid mixed bidder appetite.
Key Takeaways
- Investors are considering splitting Grupo Codere into three separate sales: Spain/Italy, Latin America, and Codere Online.
- Jefferies and Macquarie Capital were appointed in March to manage a potential sale at about €2bn.
- Creditors recapitalised roughly €1.2bn of debt in 2024 and ownership now spans about 56 investment funds.
- Grupo Codere reported €1.45bn revenue in 2025, up 3%, and adjusted EBITDA of €225m, up 26%.
Investors in Grupo Codere are exploring a break-up sale of the Spanish gambling group after a wider sale process drew limited interest, sources in Spain reported on 2 November 2026. Bondholders who control the group are examining separate transactions for its three core divisions: European operations (Spain and Italy), Latin American activities (Argentina, Mexico, Panama, Colombia, Uruguay) and the listed Codere Online unit. Jefferies and Macquarie Capital were appointed as financial advisers in March to oversee a potential sale at a valuation of around €2bn.
Why investors are considering a split
The investor-led review follows a sale process launched in March 2026 that failed to attract expected bidders. Creditors recapitalised about €1.2bn of debt in 2024, which restored much of the group's balance sheet after prolonged difficulties. Ownership is now spread across roughly 56 investment funds, with US hedge fund Davidson Kempner holding the largest single stake at 20.37%. Other named investors include Soros Fund, System 2 Capital, Deltroit and Astaris.
Regional risks and bidder concerns
Potential buyers are weighing geographical exposures. Reports cited concerns among some bidders about Argentina and significant tax increases in Mexico as factors that complicate a single-company sale. In Europe, Codere's Spanish and Italian businesses face competition uncertainty from the pending merger of CIRSA and Lottomatica into a new European gambling Plc valued at more than €4bn.
Financials and management
Grupo Codere reported €1.45bn in revenue for 2025, a 3% increase year-on-year, while adjusted EBITDA rose 26% to €225m, according to figures cited by Expansión. The group's Latin American operations remain the largest contributor to both revenue and earnings. Chief Executive Gonzaga Higuero leads the turnaround cited in these results.
Next steps in the process
Advisers may test interest in either the full-company sale at around €2bn or separate disposals of the three business lines. The review offers an exit route for the investment funds that took control through successive restructurings, but it remains uncertain whether improved 2025 performance will justify the valuation, in whole or in parts. regulation
Frequently Asked Questions
What sale options are investors considering for Grupo Codere?
Investors are considering separate transactions for three business units: European operations in Spain and Italy; Latin American activities across Argentina, Mexico, Panama, Colombia and Uruguay; and the listed Codere Online subsidiary. Jefferies and Macquarie Capital were appointed in March to oversee a potential sale process at an estimated valuation of around €2bn.
Who are the major investors controlling Codere after the restructurings?
Ownership is now spread across approximately 56 investment funds, with US hedge fund Davidson Kempner holding the largest position at 20.37%. Other named investors include Soros Fund, System 2 Capital, Deltroit and Astaris.
What recent financial results support Codere's sale process?
Grupo Codere recorded €1.45bn of revenue in 2025, a 3% increase, and adjusted EBITDA rose 26% to €225m according to figures cited by Expansión. The group's Latin American operations remain the largest contributor to both revenue and earnings.
Why might bidders prefer a breakup rather than buying the whole group?
Reported bidder concerns include exposure to Argentina and tax increases in Mexico that complicate a whole-company transaction, while European exposure is affected by the pending CIRSA–Lottomatica merger into a new gambling Plc valued at over €4bn.
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About the author
Oliver Grant
Industry Technology Correspondent
Oliver Grant covers the technology and business machinery of iGaming — platform and data deals, AI and compliance tooling, affiliate and marketing shifts, and the quarterly numbers behind them. The reports lead with the announcement, name the vendors and figures exactly as published, and separate genuine capability from press-release promise. When a supplier ships a new engine or a regulator tightens ad rules, Oliver Grant explains what actually changes for the companies involved.
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