Investors weigh sale of Codere in parts after lack of bidders

Investors in Grupo Codere are considering selling the company in parts, including separate deals for its main divisions, according to reports in Spain. The decision follows the group being put up for sale last March with Jefferies and Macquarie Capital acting as financial advisers for a transaction valued at around €2bn.

Sale options and areas under review

Majority investors, primarily holders of Codere bonds, are exploring options focused on three businesses: European operations in Spain and Italy; activities in Latin America (Argentina, Mexico, Panama, Colombia and Uruguay); and the separately listed subsidiary, Codere Online. Some potential buyers assess geographic exposure differently, and sources cited by Expansión point to concern over Argentina and substantial tax increases in Mexico as factors that complicate an integrated sale. The transaction was launched last March.

Ownership, restructuring and recent figures

After successive financial restructurings, creditors recapitalised roughly €1.2bn of debt in 2024, which materially improved the group’s balance sheet. Ownership is now spread across about 56 investment vehicles; the US fund Davidson Kempner holds the largest stake at 20.37%. Other investors mentioned include Soros Fund, System 2 Capital, Deltroit and Astaris.

The group has improved operational performance under CEO Gonzaga Higuero. In 2025 it reported revenues of €1.45bn, up 3%, while adjusted EBITDA rose 26% to €225m. Expansión published these figures and described the process led by Jefferies and Macquarie Capital.

Valuation and market context

Advisers contemplated a valuation of around €2bn, but the process must be judged against competitor moves, including the pending merger between CIRSA and Lottomatica to create a new European company valued at +€4bn. The central question is whether the operational improvements justify a higher valuation, either via a full sale or by selling in parts.