Spanish operator Codere is exploring a €2bn sale just one year after completing a major debt restructuring, raising questions over timing and valuation.

The group has reportedly appointed Jefferies and Macquarie to assess buyer interest across its retail and online operations in Spain and Latin America. The move was analysed on the iGaming Daily podcast, featuring Fernando Noodt, Ted Menmuir and Lucia Gando.

Codere reduced its debt by around 95% following negotiations with bondholders, effectively resetting its balance sheet. The decision to pursue a sale so soon after stabilisation has been viewed as unexpected.

The €2bn valuation is seen as a way to return value to bondholders that became shareholders during the restructuring. However, market conditions may limit buyer appetite. As noted on the podcast, few groups currently have the capital or confidence to complete a deal at that level.

Menmuir noted: “There is a low confidence out there given the the wider geopolitical space and it also raises questions of who has €2bn to fund this deal at this given time.

“It’s a high number to pitch the market. I believe that the reason why it’s set so high is to primarily reward its bond holders so as to ensure that they actually get something out of this M&A.”

Codere’s retail business in Spain has slowed, while its Latin American operations continue to face currency pressures. Its digital arm, Codere Online, remains the main growth driver but with limited profitability, reporting €225m in revenue and €13m EBITDA.

Potential buyers could include private equity or a consortium. Industry operators such as Betsson have been mentioned, though Codere’s ownership structure, spread across multiple investors, adds complexity.

A deal will depend on access to capital and wider market conditions. If completed, it would reshape the Spanish and Latin American gambling markets.