Spanish media Expansión reported this week that gambling operator Codere has hired Jefferies and Macquarie Capital as advisors to prepare for the company's sale. The company is valued at over 2 billion euros (approximately 2.3 billion US dollars), and expects to receive non-binding offers by mid-May, with the goal of finalizing the purchase agreement before the August summer recess. Simply put, this established European and Latin American operator is up for sale, and the valuation is not low. Want to keep up with the latest global gambling M&A trends? Follow the PASA official website continuously.
Sale Background: Valuation rebounds after debt restructuring, held by 84 investment institutions
Codere is currently owned by about 84 investment institutions. By 2024, the company will have completed a capital restructuring, significantly reducing corporate debt from 1.4 billion euros to about 190 million euros, bringing a "stable and growing future" for the company and allowing further expansion in Latin America and Europe. The company's operations cover Spain, Italy, and Latin American markets such as Mexico, Argentina, Panama, Uruguay, and Colombia. Codere Online will also be included in the overall sale.
Potential Buyers: Allwyn and Flutter mentioned, private equity also possible
The Managing Director of H2 Gambling Capital pointed out that a 2 billion euro valuation is high for most buyers. He speculated that Allwyn International and Flutter Entertainment are potential buyers, while also keeping the possibility of private equity acquisitions open. Allwyn recently completed the acquisition of PrizePicks for 1.6 billion US dollars in January and is exploring other acquisition opportunities; Flutter has been actively laying out in the Latin American market. Analysts believe that Codere represents an "interesting omnichannel opportunity" for operators looking to enter Latin America. Want to keep up with the latest global gambling M&A trends? Follow the PASA official website continuously.
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