Grupo Codere has reportedly hired Jefferies and Macquarie Capital to advise on the company’s potential sale for $2.3bn.
Spanish business newspaper Expansion, via Reuters, reported on Wednesday that while the sale is still in the early stages, indicative bids are due by mid-May, with binding offers expected in early July.
A deal is then likely to be targeted before August. iGaming Expert has reached out to Codere for comment on the reported sale and the hiring of Jefferies and Macquarie Capital as advisors.
Codere has land-based and iGaming operations across Europe and Latin America in the regulated markets of Spain, Italy, Argentina, Mexico, Panama, Colombia and Uruguay. The report also mentioned that the deal would include the group’s digital operations, Codere Online.
The operator is owned by about 84 investment funds, with Davidson Kempner being the largest shareholder with a 13.3% stake. This ownership structure has been in place since 2024, when a debt-for-equity deal took control of Codere away from the founding Martinez Sampedro family.
It has been a turbulent 12 months for Codere, after its online operations faced potential delisting from the Nasdaq Stock Market in May last year after it failed to file its Form 20-F for the year ended 31 December 2024 on time.
Over the next month, after meeting the stock exchange’s listing requirements, Codere Online successfully regained compliance with Nasdaq after filing the required form with the US Securities and Exchange Commission.
For the fourth quarter of 2025, Codere Online reported a 15% increase in revenue from €52.7m to €60.7m, as well as quarterly and full-year increases in active player numbers, up 13% for the whole of 2025 and 20% in Q4.
Aviv Sher, Chief Executive Officer of Codere Online, said: “In the fourth quarter of 2025, our net gaming revenue reached €60.7m, marking the highest quarterly figure in the company’s history.
“This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer.”
Codere Online expects net gaming revenue of €235m-€245m and adjusted EBITDA of €15m-€20m at the end of 2026.
