Publish Date: March 26, 2026, 11:04h.
Updated on: March 26, 2026, 11:04h.
- Reports from Spain indicate that Codere Group could be a potential acquisition target.
- This development might ignite interest in Codere Online.
- Possible acquirers of Codere Group may look to simplify the company’s structure.
There are growing speculations around Codere Gaming (CG), hinting at a potential sale, which may also direct interest towards Codere Online Luxembourg (NASDAQ: CDRO).
In a recent client briefing, Stifel analyst Jeffrey Stantial pointed out that while CG’s 66% stake in the online gaming entity might survive a buyout, potential purchasers could aim to streamline the corporate organization and possibly divest that stake.
Stantial comments, “The sale of CG may facilitate the acquisition of CDRO as well, enhancing the corporate structure and aligning with a strategic acquirer’s omnichannel strategy, alongside the potential for a reevaluation of online assets or hidden value for financial buyers.”
Founded in 2014, Codere Online operates under Codere Group, the only publicly traded Spanish entity in the gambling sector. This online operator is notably the first internet gaming company from Latin America to be listed on the US stock market.
Codere Online Could Become an Attractive Acquisition Target
As reported by Spanish media, CG has engaged investment banks Jefferies and Macquarie to prepare for a possible sale, which could subsequently draw attention to Codere Online. Following various restructuring efforts, CG is currently owned by approximately 80 creditors who converted their debts into equity.
The parent company’s 66% stake in Codere Online, valued at $257.67 million based on the current market capitalization of the online gaming firm, is likely part of any scenarios that see CG transferring ownership. However, the future of the 33% publicly traded portion of Codere Online remains uncertain.
“This update enhances clarity regarding a potential acquisition, we believe,” Stantial adds.
Codere’s primary markets, including Mexico, Spain, and various Latin American countries, position the online sportsbook operator as a potentially attractive target for investors, given the rapid growth of the online betting industry in these regions. Additionally, Codere Online does not operate within the US, enabling it to avoid significant promotional expenditures and the challenges posed by competitive prediction markets that could affect its clientele.
Codere Online is a Sound Buyout Prospect
The Spanish sportsbook operator became publicly traded on December 1, 2021, following a merger with blank-check entity DD3 Acquisition Corp. II. It serves as a viable acquisition target for various reasons, including strategic benefits for potential buyers and the opportunity for a higher sale price compared to its current stock valuation.
“Financial buyers may find strategic merit in the omnichannel benefits, which could drive value expansion based on a shift towards online, a trend seen in several recent acquisitions, thereby fostering the consolidation of the publicly listed division,” concludes Stantial. “Alternatively, there is potential for a credible ‘hidden value’ strategy, prompting financial buyers to accelerate the divestiture of CDRO to an online-focused firm seeking expansion into Latin America—a long-term exit strategy that has been speculated for several years.”