Codere Explores Sale of Business with Advisory Support from Macquarie Group

Codere Weighs Potential Sale of Its Operations

The gambling company Codere is reportedly contemplating the sale of its entire business, with a valuation that could reach $2.3 billion or possibly higher. Initial information about this potential transaction emerged from the financial and economic newsletter Expansión.

Sale Process Expected to Progress Through Mid-2024

According to reports, Codere has engaged Macquarie Group, a prominent financial advisory firm, to assist with the possible sale. Sources familiar with the situation, who chose to remain anonymous, have indicated that the sale is currently in an early phase. Bids from interested parties are expected by mid-May, followed by binding offers anticipated in June. Should this schedule continue as planned, a finalized agreement might be reached by the end of August.

This potential deal is anticipated to include Codere Online, the company’s publicly traded division focused on online gambling services.

Acquisition Would Provide Strategic Market Access

Codere holds a significant position in the Spanish gaming market, making any acquisition a valuable opportunity to gain a strong presence in Spain. Moreover, the deal would grant the buyer entry into multiple other markets where Codere operates, including Argentina, Colombia, Italy, Mexico, Panama, and Uruguay.

Potential purchasers may come from both the gaming industry and financial investment sectors. However, certain regulatory restrictions affecting private equity firms might limit the range of contenders for the acquisition.