Codere Group Operator Up for Sale Valued at €2-2.3bn

Codere Group Operator Up for Sale Valued at €2-2.3bn

Reuters, citing the Spanish business publication Expansion, reports that the sale process may be initiated in the coming weeks, with the deal expected to close by August.

The process will be managed by the American investment bank Jefferies and the investment division of the Australian group Macquarie Group. These are significant players who are quite familiar with the industry, which increases the chances of a successful deal and demonstrates the seriousness of intentions.

Moreover, after the restructuring in 2024, control of the company effectively passed to the creditors. Currently, about 95% of the shares are controlled by more than 80 investment funds, which may significantly complicate the coordination of the deal.

By the way, one of the main shareholders of Codere Group, back in 2024, was Soros Fund.

Overall, in recent years, Codere has prepared for sale: significantly reduced its debt burden (from ~€1.4bn to ~€190m) and simplified its corporate structure by creating a new holding company, Codere New Topco. At the same time, Codere has managed to improve its operational performance during these years. It is likely that now is a very opportune moment to sell the business.