Codere owners reportedly consider selling business units separately

The investment funds that own Codere are reportedly studying a sale of the group's main business areas separately. Finding a buyer for the whole group is reportedly still the priority, but approaches for certain markets have opened the way to considering a deal in parts.

Codere is organised in three main units, the first of which is Europe, covering Spain and Italy. The second is Latin America, where it operates in Argentina, Mexico, Panama, Colombia and Uruguay. The third is the online business, whose subsidiary is listed on the Nasdaq.

Early in the year Codere appointed Jefferies and Macquarie Capital as financial advisers to find a new shareholder. The process comes two years after Codere reached an agreement with its creditors to capitalise about €1.2bn of debt.

Cirsa is among the possible interested parties and reportedly submitted an indicative offer for Codere over the summer. Following Cirsa's integration agreement with the Italian group Lottomatica, any binding proposal for Codere or one of its divisions would now depend on the Italian company's decision. Sources cited in the report said US private equity funds and gaming groups from the United States, Austria and Germany could also be interested. The report also points to caution among some buyers over the Argentine business and to a tax contingency in Mexico.

In 2025 Codere's revenue reached €1,450m, 3% above the prior year, while its adjusted EBITDA stood at 225 million, up 26%. Latin America provides 49% of turnover and 54% of EBITDA. Europe's share is 36% of income and 34% of the adjusted operating result. The online division makes up approximately 15% of both measures.