Reports Indicate Codere May Sell Business, Hires Macquarie as Advisors Per Reports

(AsiaGameHub) –   Gambling firm Codere is reportedly exploring the sale of its operations for an estimated $2.3 billion or more. This information was initially reported by the economy and finance publication Expansión.

Codere Could Sell Its Business by August

According to Expansión’s report, the Spanish gaming group is considering a potential sale of its business to another entity. Consequently, the company has engaged Macquarie Group, a prominent financial advisory firm, for its services.

Expansión stated it was contacted by anonymous sources familiar with the situation. These individuals indicated that the sale remains in its preliminary stages. The sources mentioned that bids are anticipated by mid-May, with a potential binding offer expected in June. If this schedule holds, a final agreement could be reached by the end of August, the sources familiar with the matter suggested.  

Expansión asserted that any prospective deal would also encompass Codere Online, which is the group’s publicly traded online gambling division.

A Buyer Would Gain a Strong Foothold in Spain & LATAM

Regardless, with Codere firmly established as a leader in Spanish gaming entertainment, such an acquisition would provide a potential buyer with a significant presence in the country. Furthermore, acquiring Codere would grant the hypothetical buyer access to other markets where Codere’s products are available, including Argentina, Colombia, Italy, Mexico, Panama, and Uruguay.

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