Talk of a split comes as rival CIRSA’s Lottomatica merger piles pressure on Codere’s home turf.
The hit
Codere is reportedly weighing a three-way split of its European, Latin American & Nasdaq-listed US online arms, according to Spanish outlet Expansión. The move comes after the company was put up for sale in March with no buyer found since. Jefferies & Macquarie were hired to run a quick sale that has since dragged.
Why it matters
A break-up could let buyers lower their exposure to markets like Mexico & Argentina, where tighter rules may be coming. The 56 investment funds backing Codere are reportedly getting impatient, with no transaction arriving as quickly as shareholders wanted. Codere’s group gaming revenue rose 5.8% year-on-year to €352.5m in the second quarter of 2026.
The record
| Asking price when put up for sale | €2bn |
|---|---|
| Codere Online latest-quarter net gaming revenue | €69.4m, up 27% YoY (best quarter on record) |
| Codere Online share price | $8.52, up nearly 40% in 12 months |
| Group corporate debt cut since 2024 recapitalisation | from €1.4bn to €190m |
| Rival CIRSA-Lottomatica merger value | approximately €2.8bn (£2.3bn) |
What happens next
Lottomatica & CIRSA shareholders vote on final merger terms at the end of November 2026. Watch whether Codere confirms a split or a buyer emerges for any of its three arms.
Sources: Reports: Codere to separate business as sale talks drag on
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