Codere on the market for around €2bn

Codere is Spain’s second-biggest gaming and gambling operator after Cirsa

Codere, Spain’s second-biggest gambling operator, has appointed Jefferies and Macquarie Capital to oversee a potential sale process that pitches the company’s market value at over €2bn.

Although any deal remains at an early stage, Codere is welcoming bids by mid-May with a potential completion earmarked by the end of August. Codere is Spain’s second-biggest gaming and gambling operator after Cirsa. It operates in Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay. Its activities cover both land-based venues and online gambling with over 45,000 gaming machines, 18,000 bingo machines, 814 table games, 6,400 betting terminals, 856 arcades, 132 gaming rooms and four racetracks.

Previously owned by the Martinez Sampedro family, its ownership is currently complex with control shared by 84 investment funds, including Davidson Kempner, Codere’s largest shareholder with a 13.3 per cent stake. Other investors include Palmerston Capital, Deltroit, System 2 Capital, and Invesco.

The brand is well known, coming in 77th place in the Brand Finance Spain 2025 ranking.

Codere has continued to expand its presence and notoriety in the markets in which it operates, through an intense agenda of strategic sponsorships, participation in sectoral fairs and actions focused on generating differential experiences for the customer. These initiatives have helped to strengthen its position in the gaming industry and to consolidate its closeness with its stakeholders.

Likewise, its strategic alliances with Real Madrid C.F. in Latin America and the Monterrey Rayados Football Club have allowed the company to increase its brand awareness, facilitating expansion in Latin America.