Codere is reportedly up for sale at a $2.3 billion valuation
(AsiaGameHub) - Reports indicate Codere is on the market with a valuation surpassing €2 billion (or $2.3 billion). Spanish newspaper Expansión stated on Wednesday that Codere has engaged Jefferies and Macquarie Capital as advisors to prepare the firm for a sale. According to the report, interested parties are expected to submit non-binding offers for Codere by mid-May, with a final purchase agreement to be finalized before the August summer break. Currently, Codere’s ownership is divided among roughly 84 investment funds. In 2024, Codere completed a recapitalization deal that cut its corporate debt from €1.4 billion to around €190 million. The company noted this would secure a “future of stability and growth” and enable it to pursue further expansion in LatAm and Europe. “With an optimal debt structure and greater liquidity, Codere is positioned to seize new expansion opportunities in its key markets, consolidating its leadership in the sector,” the group said in a statement upon the recapitalization’s completion. Codere currently operates in European markets including Spain and Italy, as well as LatAm markets like Mexico, Argentina, Panama, Uruguay, and Colombia. Reports suggest Codere Online would be part of any potential sale of the broader business. Allwyn as a Potential Codere Suitor Ed Birkin, managing director of H2 Gambling Capital, told iGB he believes the rumored €2 billion valuation will be too high for most buyers. He named Allwyn International and Flutter Entertainment as potential acquirers, while remaining in private equity is another viable option. In January, Allwyn closed its $1.6 billion acquisition of a 62.3% stake in PrizePicks. On a post-FY2025 investor call, CEO Robert Chvátal said the company was exploring other M&A opportunities, though primarily focused on proprietary sportsbook technology. Birkin also noted Codere could be an “interesting omnichannel opportunity” for operators looking to enter the LatAm market. iGB will provide more updates on this story as it unfolds… This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content. AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.
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