MADRID, March 25 (Reuters) - Spanish gambling group Codere has hired Jefferies and Macquarie Capital to advise on the company's imminent sale that could value it at more than 2 billion euros ($2.32
Spanish gambling group Codere to go on sale for $2.3 billion, Expansion reports
Codere's Sale Process and Market Context
Advisors and Valuation
MADRID, March 25 (Reuters) - Spanish gambling group Codere has hired Jefferies and Macquarie Capital to advise on the company's imminent sale that could value it at more than 2 billion euros ($2.32 billion), newspaper Expansion reported on Wednesday, citing several market sources familiar with the deal.
Timeline and Bidding Process
According to the report, the process is still at an early stage, with indicative bids due by mid-May, binding offers expected around early July and a deal targeted before the August summer break.
Comments from Involved Parties
Neither Codere nor Jefferies immediately replied to Reuters' requests for comment. Macquarie declined to comment.
Ownership Structure and Shareholders
Codere, Spain's second-largest gambling and leisure group after Cirsa, is owned by about 84 investment funds since a 2024 debt-for-equity deal that handed control away from the founding Martinez Sampedro family.
Major Shareholders
Davidson Kempner is the largest shareholder with a 13.3% stake, ahead of Palmerston Capital, Deltroit, System 2 Capital and Invesco.
Operations and Market Presence
The group, founded in 1980, operates in regulated markets in Spain, Italy, Argentina, Mexico, Panama, Colombia and Uruguay, across both land-based and online gambling.
Potential Bidders and Deal Structure
Investor Interest and ESG Considerations
Potential bidders could include both industrial and financial investors, although some private equity firms face ESG-related restrictions on investing in gambling, which may narrow the pool, Expansion said in its report.
Inclusion of Codere Online
The report said that the deal would include Codere Online, the group's Nasdaq-listed digital unit.
Additional Information
($1 = 0.8624 euros)
(Reporting by David Latona; Editing by Tomasz Janowski)
