Codere investors reportedly weigh splitting business into three divisions to revive stalled sale

Grupo Codere is reportedly considering selling its three main business divisions individually as its search for a buyer drags on. The report comes from the Spanish outlet Expansión, which says the operator's investors are looking at separate disposals of the European, Latin American and US-listed online arms.

The company was put up for sale in March at a price of around €2bn, and it appointed Jefferies and Macquarie as financial advisors in the expectation of a quick deal. That has not happened. Buyers have been scarce, and the 56 investment funds with a stake in the Spain-based operator are said to be growing impatient.

Pressure on Codere may increase because of consolidation elsewhere in the market. A merger between Lottomatica and CIRSA, valued at roughly €2.8bn, is advancing, and shareholders are due to vote on the final terms at the end of this month. Codere is one of the largest operators in Spain, CIRSA's home market, and is also active in Italy, where Lottomatica is a major player.

Recent results could help the sales case. Group gaming revenue rose 5.8% year on year to €352.5m in the second quarter of 2026, while adjusted EBITDA grew 14.1% to €57.6m. Codere has also cut its corporate debt sharply following a recapitalisation agreement in 2024, reducing it from €1.4bn to €190m.

The Nasdaq-listed Codere Online, which floated in early 2021, is another potential draw. It posted its strongest quarter to date, with net gaming revenue up 27% year on year to €69.4m, and its shares have gained almost 40% over the past 12 months to $8.52.

Possible obstacles remain. Stiffer competition in its main European markets and the prospect of tougher rules in key Latin American countries such as Mexico and Argentina could deter bidders. Splitting the business into three could let buyers limit that exposure, though no transaction has yet come close to the pace shareholders had hoped for.