Codere could sell its three business units separately

Grupo Codere is reportedly considering selling its three core business units separately. According to a report in the Spanish newspaper Expansión, the company's investors are examining the separate sale of its European and Latin American units, as well as Codere Online, which is listed on Nasdaq.

The company was put up for sale in March with a value of 2 billion euros, and a quick sale was targeted with Jefferies and Macquarie as advisers. However, the process is moving more slowly than expected, no potential buyer has been found, and the 56 funds that have invested in the company are growing impatient.

The approximately 2.8 billion euro merger between Lottomatica and CIRSA is also adding pressure on Codere. Shareholders are expected to vote on the final merger terms at the end of this month. Codere is an important operator in Spain and also operates in Italy.

The company's latest financial results are attracting interest. In the second quarter of 2026, the group's gaming revenue rose 5.8% year on year to 352.5 million euros, and adjusted EBITDA increased 14.1% to 57.6 million euros. Following its 2024 restructuring agreement, the company reduced its corporate debt from 1.4 billion euros to 190 million euros.

Codere Online had its best quarter. Net gaming revenue rose 27% year on year to 69.4 million euros, and the shares have climbed about 40% over the last 12 months to $8.52. On the other hand, growing competition in Europe and possible tight regulation in Latin American markets such as Mexico and Argentina could deter some buyers. Selling the three units separately could reduce these risks, but a deal for the whole company may take much longer than expected.