Codere hires Jefferies and Macquarie amid anticipated €2bn sale preparations

(AsiaGameHub) –   Spain-headquartered gambling giant Codere is reportedly poised for an impending sale that could value the company at more than €2bn (£1.73bn).

Per Spanish publication EXPANSIÓN, the firm has engaged financial advisors Jefferies and Macquarie as it readies for a transaction in the coming weeks. 

Codere Online success may attract suitors

The Codere deal, involving Spain’s second-largest industry player behind Cirsa, would encompass its expanding Codere Online division. 

Codere Online has been listed on the Nasdaq stock exchange since 2021 and has encountered notable setbacks, including delisting notices and suspension threats.

However, these issues have now been resolved, with the company reporting a 6% year-on-year increase in total 2025 revenue, rising from €212m to €224m (£195.2m).

Overall, Codere’s 2024 revenues reached €1.3bn, while adjusted EBITDA stood at €179bn. The business is currently owned by around 84 investment funds, with Davidson Kempner’s 13.3% stake being the only significant holding and the sole one exceeding 10%. 

It operates across Latin America and Southern Europe, with its home market of Spain, along with Italy, Mexico, and Uruguay, serving as key revenue-contributing markets. 

Spain to clamp down

This development coincides with a period of change in Spain, where Andrés Barragán, Secretary General for Consumer Affairs and Gambling, stated last month that licensed companies in the country should prepare for a year of regulatory changes and new compliance mandates.

The country already enforces some of Europe’s strictest regulations, yet gross gambling revenue (GGR) continues to grow, posting a year-on-year increase of over 18% in Q2 2025. 

A sale of Codere to another gambling group may see it overtake Cirsa and international Spanish operators such as Betway and Entain’s bwin as the market leader—though Cirsa has also made clear that Latin American M&As are a focus for 2026.

Regardless, with the 2026 World Cup now on the horizon, a deal of this scale at this time could make a significant impact in Spain’s already affluent but tightly regulated market. 

SBC News has reached out to Codere for comment.