Hedge funds move to sell Codere for over €2 billion

Sale process begins with advisors

Codere has hired advisers — Jefferies and Macquarie Capital — to manage the sale process. These firms will guide talks and review interest from potential buyers. Reports suggest bidders may submit early offers by mid-May. A final deal could follow before August — showing a fast timeline.

Around 84 investment funds currently own Codere after past restructuring deals. This wide ownership may slow decisions — as many parties must agree on price and terms.

Financial reset supports the sale

In 2024, Codere completed a major recapitalisation that reduced its debt. The company cut liabilities from €1.4 billion to about €190 million — a sharp drop. This step improved cash flow and lowered financial risk across the business.

Management said the new structure would support growth and bring more stability. That claim now faces a real test in the market. With lower debt, Codere may look more appealing to buyers seeking steady assets.

Expansion adds to buyer interest

Codere operates across both Europe and Latin America — a mix that may attract global interest. Its presence spans several key markets with steady demand. Its main regions include:

• Spain and Italy in Europe

• Mexico, Argentina, and Colombia in Latin America

• Panama and Uruguay as smaller but stable markets

This mix gives Codere a strong base in growing regions — especially in Latin America. Codere Online may also form part of any deal — which could increase overall value.

Buyers weigh price and risk

However, the reported price may limit interest from some groups. Analysts suggest the €2 billion valuation could seem high to many buyers. Still, some companies may explore a deal — including Allwyn and Flutter Entertainment.

Private equity firms could also stay involved — either as buyers or partners. Codere offers both retail casinos and online services — a mix that may attract firms looking to expand in Latin America.

A key moment for Codere

The coming months will be important for Codere and its owners. Offers may show how the market views its recovery story. Beyond this deal, the outcome could hint at wider trends in gaming mergers — as companies look for growth in new regions. For now, Codere stands at a turning point — stable, but still under review.