Codere Prepares for Sale Valued at Over 2 Billion Euros
Spanish gambling group Codere is reportedly preparing for a sale that could value the firm at over 2 billion euros. The deal is expected to close by August.
Spain gambling group Codere is reportedly being put up for sale in a deal that could value the company at more than 2 billion euros ($2.32 billion). According to reports from the newspaper Expansion, the company has hired Jefferies Financial Group Inc. and Macquarie Capital to manage the sale process. Indicative bids for the group are expected by mid-May, with binding offers likely due in early July as the company aims to reach an agreement before the August summer break.
The company is currently controlled by a consortium of roughly 84 investment funds, a structure resulting from a 2024 debt-for-equity swap that ended the control of the founding Martinez Sampedro family. Major shareholders include Davidson Kempner, which holds a 13.3% stake, along with Palmerston Capital, Deltroit, System 2 Capital, and Invesco Ltd..
