The investment funds that control Grupo Codere are studying whether to sell the company in three separate blocks, although selling the group whole remains their first choice, Spanish newspaper Expansión reported on 2 November 2026, citing unnamed market sources. We found no Codere statement, regulatory notice or company reaction, so the report remains unconfirmed.

The three blocks

  • Europe: Spain and Italy.
  • Latin America: Argentina, Mexico, Panama, Colombia and Uruguay.
  • Online: Codere Online, listed on Nasdaq, with a market value of about €400m.

According to the report, the whole group is valued at around €2bn.

Why a split is on the table

Per Expansión, some potential buyers are interested only in certain divisions. The Argentina business makes some bidders cautious, and the paper also points to a tax contingency in Mexico, without giving its amount, the authority involved or the year.

Jefferies and Macquarie Capital were hired early in 2026 to find a new shareholder. The timetable reported in March envisaged indicative offers by mid-May, binding offers in July and a deal before August. That plan has slipped, and no binding offer has been announced.

Among potential buyers, Cirsa reportedly submitted an indicative, non-binding offer over the summer. Cirsa has since agreed to integrate into Lottomatica in a deal valued at €13.2bn that is not expected to close before the second quarter of 2027, so any firm bid now depends on Lottomatica. US private-equity funds and gaming groups from the US, Austria and Germany have also been named.

The funds took control of Codere in 2024, when creditors swapped about €1.2bn of debt for equity.

Mexico’s weight

In 2025 Codere posted revenue of €1.45bn (+3%) and adjusted EBITDA of €225m (+26%), according to figures cited by Expansión. Latin America contributed 49% of revenue and 54% of EBITDA; Europe 36% and 34%; and online 15% of revenue. Based on figures circulated after the report, Mexico accounts for 17% of group adjusted EBITDA, behind Spain (25%) and Argentina (19%).

In digital, Mexico is Codere Online’s largest market. According to its Q4 2025 results release, Mexico generated net gaming revenue of €119.1m in 2025 (+12%), ahead of Spain (€90.5m), with an average of 88,700 monthly active players (+38%). The company also noted that Mexico’s gaming excise tax (IEPS) rose from 30% to 50% on 1 January 2026.

What it means for operators and affiliates

Nothing changes for now: this is an option under study, with no binding offer and no confirmation from the company.

If a break-up went ahead, Codere’s Mexican gaming halls and its online business could end up with different owners. For affiliates and commercial partners, that could eventually mean new counterparties and possible renegotiations. It is a sensible moment to review change-of-control and termination clauses in existing contracts.

The Mexico tax contingency, for which no public details exist, is singled out as an obstacle to a whole-group sale and comes on top of the 50% IEPS burden. It is worth waiting for any official clarification before drawing conclusions.

Lottomatica’s potential role, through Cirsa, also bears watching, though it hinges on an integration that has yet to close.

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