Codere Considers Separating Businesses to Facilitate €2 Billion Sale
Spain.- 4 November 2026 | www.zonadeazar.com Grupo Codere is reportedly considering selling its three principal business divisions separately after its proposed sale, initially valued at approximately €2 billion, failed to attract sufficient buyer interest.
The Spanish gambling group, owned by 56 investment funds, is examining alternatives designed to attract investors and maximise the value of its operations.
A potential transaction could involve its European businesses, Latin American operations and digital division, Codere Online, which is listed on the US Nasdaq exchange.
Codere Explores Three Separate Business Sales
According to reports from Spain’s financial markets, Codere’s shareholders are considering dividing the group into three units to facilitate potential transactions.
The businesses under consideration are:
- European operations: land-based activities in Spain and Italy.
- Latin American operations: gambling businesses across regional markets.
- Codere Online: the group’s Nasdaq-listed digital betting and gaming division.
The proposed structure would allow prospective buyers to focus on the businesses most closely aligned with their investment strategies.
However, the separation remains an option under consideration rather than a confirmed transaction.
€2 Billion Sale Fails to Attract Buyers
The process began in March 2026, when Codere’s shareholders appointed investment banks Jefferies and Macquarie to evaluate strategic alternatives.
The initial plan involved selling the group for approximately €2 billion.
However, negotiations have progressed more slowly than anticipated because of limited buyer interest in acquiring the entire business at that valuation.
The delays have reportedly increased concerns among the investment funds controlling the company.
Selling individual divisions could therefore broaden the range of potential buyers.
Codere’s 56 Investment Funds Review Alternatives
Codere’s ownership structure comprises 56 investment funds that acquired stakes during the group’s financial restructuring processes.
These shareholders are seeking opportunities to realise value from their investments through a potential corporate transaction.
However, the number of investors involved may add complexity to the decision-making process.
Selling the businesses separately could allow shareholders to assess different offers and commercial conditions.
The objective would be to establish a transaction structure more attractive to prospective buyers.
Codere Reports Improved Financial Performance
Despite the difficulties surrounding the sale process, Codere reported positive financial results for the second quarter of 2026.
Key indicators included:
- Gaming revenue: €352.5 million.
- Year-on-year revenue growth: 5.8%.
- Adjusted EBITDA: €57.6 million.
- Adjusted EBITDA growth: 14.1%.
The results demonstrate an improvement in the group’s operating performance.
This stronger financial position could support the attractiveness of its different businesses to prospective investors.
Corporate Debt Reduced from €1.4 Billion to €190 Million
One of Codere’s most significant achievements in recent years has been its financial restructuring.
Following a recapitalisation agreement reached in 2024, the company substantially reduced its debt burden.
Corporate debt declined from approximately €1.4 billion to €190 million.
The reduction strengthened the company’s balance sheet and lowered its outstanding financial obligations.
This improvement represents an important consideration within the proposed sale process.
Codere Online Delivers Record Quarterly Performance
The digital division remains one of the group’s principal assets.
Codere Online, which has been listed on Nasdaq since 2021, delivered its strongest quarterly performance during the second quarter of 2026.
Net gaming revenue (NGR) increased by 27% year-on-year, reaching €69.4 million.
The company’s shares also gained approximately 40% over the previous twelve months, reaching US$8.52.
The performance of the digital business could make it particularly attractive to investors seeking exposure to international online betting markets.
Lottomatica–CIRSA Merger Increases Competitive Pressure
Codere’s strategic review comes amid a significant restructuring of the European gambling industry.
Lottomatica and CIRSA are progressing towards a proposed business combination valued at approximately €2.8 billion.
Shareholders are expected to vote on the final terms of the transaction at the end of November.
The potential merger is particularly relevant to Codere because CIRSA and Lottomatica maintain strong positions in Spain and Italy, respectively.
The combination could intensify competition across Codere’s principal European markets.
Latin America Presents Regulatory Challenges
Codere’s Latin American operations represent another important consideration for prospective buyers.
The company operates in jurisdictions where regulatory and taxation requirements may change significantly.
These include Mexico and Argentina, where additional measures affecting the gambling industry could be introduced.
Such developments may influence company valuations and acquisition decisions.
Separating European, Latin American and digital operations could allow buyers to assess the risks associated with each division independently.
Industry Impact and Next Steps
Codere’s corporate future remains uncertain as its shareholders continue evaluating different sale options.
The possibility of separating the company into three units represents a change from the original strategy of selling the entire group.
Improved financial results and reduced debt provide a stronger financial foundation, although market conditions continue to present challenges.
With an initial valuation of €2 billion, 56 investment fund shareholders and a growing online division, Codere is considering separating its businesses to facilitate a sale and attract new investors.
No buyer or definitive agreement has been announced for any of the divisions.
Edited by: @fonta
