Codere Reportedly Weighs Separate Sale of Three Core Divisions

Grupo Codere is reportedly considering a strategic shift that would see its three main business units sold separately, according to Spanish financial outlet Expansión. The move comes as the company continues to evaluate options for a full or partial sale amid a prolonged search for a buyer.

The three divisions under review are Codere’s European operations, its Latin American business, and the US-listed online arm. By splitting these assets, the company’s investor group hopes to attract more targeted interest from potential acquirers, each with a focus on specific regional or vertical markets.

The reported plan follows a period of limited progress in finding a single buyer for the entire group. Codere has been exploring sale possibilities for some time, and the lack of a comprehensive offer may have prompted the consideration of a piecemeal approach.

Codere is a multinational gambling operator with a strong presence in Spain, Italy, and several Latin American countries, as well as a growing online footprint through its US-listed subsidiary. The company has faced financial challenges in recent years, including debt restructuring and the impact of the pandemic on its land-based operations.

No official confirmation has been issued by Codere regarding the reported divestment strategy. The company’s investor group is said to be in early stages of assessing the feasibility and potential value of separate transactions for each division.