Codere Launches Sale Process Valuing Company Over €2 B After Debt Slashed to €190 M
Codere has hired Jefferies and Macquarie to advise on a sale valuing the business at over €2 billion, with non-binding offers due mid-May and binding bids in early July ahead of August close. A 2024 debt-for-equity swap cut liabilities from €1.4 billion to €190 million, shifting control to 84 funds.
1. Sale Process and Valuation
Codere has engaged Jefferies and Macquarie Capital to manage a sale process that targets initial non-binding offers by mid-May and binding bids by early July, aiming to finalize a transaction before the August summer break. The potential valuation exceeds €2 billion.
2. Debt Restructuring and Ownership Shift
A 2024 debt-for-equity swap reduced Codere’s liabilities from about €1.4 billion to €190 million, transforming its balance sheet and liquidity profile. Control moved from the founding family to around 84 investment funds, with Davidson Kempner holding the largest stake at 13.3%.
3. Business Assets and Buyer Interest
Codere’s operations span casinos, betting shops and bingo halls across Europe and Latin America, complemented by Codere Online, its Nasdaq-listed digital arm. Strategic operators seeking geographic expansion and financial investors seeking cash-generating assets are expected to bid, though ESG constraints may limit some private equity firms.