Spanish gambling operator Codere is reportedly shopping itself around for up to $2.3 billion (£1.8bn), according to sources cited by financial publication Expansión. The Madrid-based group has brought in Macquarie Group to handle the sale process.

The deal would include Codere Online, the company’s publicly traded digital arm, giving any buyer instant access to both retail and online operations across seven markets.

Timeline Points to August Close

People familiar with the matter told Expansión that bids could arrive by mid-May, with binding offers potentially following in June. If that schedule holds, a deal could wrap by the end of August.

Early days yet, though. The company is still gauging interest rather than hammering out specifics.

What’s on Offer

Codere isn’t just a Spanish operator. It’s got established positions in Argentina, Colombia, Italy, Mexico, Panama, and Uruguay. That’s a decent footprint for anyone looking to break into Latin American markets or strengthen European operations.

The Spanish market alone makes this attractive. Codere is one of the bigger players there, with retail halls and online presence both well established.

Who Might Be Interested

Expansión reckons both strategic buyers and financial investors could circle this one. Regulatory restrictions on private equity firms might trim the buyer pool somewhat, though.

Strategic operators looking to expand in Spanish-speaking markets would find immediate value here. The infrastructure is already built. The licences are in place. And the brand carries weight in its territories.

Whether Codere actually goes through with a sale, well, we’ll see. Companies explore strategic options all the time without pulling the trigger. But with advisors now on board and a clear process timeline emerging, this looks like more than just a fishing exercise.

What the team thinks

Sheena McAllister says:

The regulatory complexity here shouldn’t be underestimated, particularly if a buyer wants to maintain operations across Codere’s Latin American markets alongside any European ambitions. Spain’s licensing regime has matured considerably, but any acquirer will need to navigate seven separate regulatory frameworks, each with distinct compliance requirements and capital adequacy rules. Given Macquarie’s track record with regulated sector deals, they’ll be well aware that the UKGC will scrutinise any buyer with British market aspirations through Codere Online’s partnerships.