Codere Considers Sale, Onboards Macquarie, According to Reports

Gambling group Codere is reportedly considering selling its business for as much as $2.3 billion, or more. The news was first reported by the economy and finance-focused newsletter Expansión.

Codere Could Sell Its Business by August

According to Expansión’s report, the Spanish gaming group is eyeing a potential sale of its business to another party. As a result, the company has onboarded the services of Macquarie Group, a leading finance advisory firm.

Expansión claimed that it was contacted by sources familiar with the matter, who preferred to keep their anonymity. According to these people, the sale is still in its early stages. The sources noted that bids are likely to be submitted in mid-May, while a potential binding offer could come in June. If this timeline keeps up, a final deal could be struck by the end of August, the people familiar with the matter suggested.  

Expansión asserted that a hypothetical deal would also include Codere Online, which is the group’s publicly traded online gambling division.

A Buyer Would Gain a Strong Foothold in Spain & LATAM

In any case, with Codere firmly positioned as one of the leaders in Spanish gaming entertainment, such an acquisition will provide a potential buyer with a strong foothold in the country. In addition to that, acquiring Codere would secure the hypothetical buyer access to the other markets where Codere’s products are available, which include Argentina, Colombia, Italy, Mexico, Panama, and Uruguay.

Expansión suggested that potential buyers could include bout gaming and financial investors. The news outlet added that certain restrictions on private equity firms could narrow the range of potential buyers.