Codere Weighs Sale of Three Core Divisions
Gambling group Grupo Codere is exploring separate sales of its European, Latin American and US-listed online arms as investors grow impatient.
Updated on Nov. 3, 2026 in Gambling
Grupo Codere is weighing divestment of its three core business arms, the Codere European, Latin American and US-listed online divisions, after putting the group up for sale in March for €2bn. Expansión reported that investors are considering selling the divisions separately, with 56 investment funds holding interests in the company.
Why it matters
Separating the three divisions could lower risk for buyers, though increased competition in Codere's main European markets and possible stricter rules in Mexico and Argentina may deter potential bidders.
Codere group gaming revenue rose 5.8% year-on-year to €352.5m in Q2 2026, with adjusted EBITDA up 14.1% to €57.6m. Corporate debt has fallen from €1.4bn to €190m following a 2024 recapitalisation, and the outcome of the sale process remains undetermined.
The players
Grupo Codere
A Spanish gambling operator with European, Latin American and US-listed online divisions, currently exploring the sale of its core business arms.
Lottomatica
An Italian gaming company and major player in the Italian market, involved in a proposed merger with CIRSA valued at about €2.8bn.
CIRSA
A Spanish gaming company whose proposed merger with Lottomatica is valued at about €2.8bn, with shareholders set to vote on final terms in November 2026.
The details
Codere hired financial advisors Jefferies and Macquarie in March to run the sale process. The company's three arms are its European, Latin American and US-listed online divisions, and sources indicate investors are assessing whether to sell each one separately.
Timeline
March 2026: Codere was put up for sale at €2bn and hired advisors Jefferies and Macquarie.
2024: A recapitalisation agreement reduced Codere's corporate debt from €1.4bn to €190m.
Q2 2026: Codere reported revenue and EBITDA growth.
End of November 2026: Shareholders will vote on final terms of the Lottomatica-CIRSA merger, valued at about €2.8bn (£2.3bn).
Market Landscape
The sale effort follows Codere's 2024 recapitalisation, which cut corporate debt from €1.4bn to €190m and set up the group for separate divisional disposals. Intensifying competition in Codere's main European markets is shaping how buyers will value each arm.
For shareholders and holders of the 56 investment funds with interests in Codere, the outcome of the sale process will determine whether value is realised through separate divisional sales or a single transaction. Retail investors tracking gambling stocks should watch the November 2026 merger vote, which could shift valuations across the sector.
The takeaway
Gambling operators are being valued increasingly on the risk profile of individual divisions, so investors should compare each arm's performance rather than the group total. Monitoring debt reduction and regional regulatory changes can help clarify where value sits.
What happens next
Shareholders will vote on the final terms of the Lottomatica-CIRSA merger at the end of November 2026.
Further reading
Explore more gambling news and industry coverage on Wisevoter.
Source note: This article includes information reported by SBC News.
