Blackstone may acquire Codere

Blackstone, a private equity group, is learned to have made a move to acquire Codere, the major Spanish gambling operator.

Blackstone had already acquired Spain’s Cirsa. The company has said it is looking to enhance its presence in the country.

Blackstone has not officially responded to the news about Codere deal.

Spanish business news outlet OK Diaro said Blackstone opened talks with Codere after a deal to buy Luckia Egasa fell through.

Codere primarily focuses on the Spanish market, but also has a major presence in the Latin American region.

In February, Codere cited its performance in Latin American countries Argentina and Mexico as among the main reasons behind a year-on-year jump in operating revenue to €1.64bn ($1.92bn) for the 12 months to 31 December 2017.

Codere’s portfolio in Spain includes online gaming, more than 5000 sports betting shops and 149 gaming halls. Its Codere Apuestas brand is the official sports betting partner of Real Madrid.

The move comes soon after Blackstone saw off reported competition form Apollo Global Management to seal a deal for Cirsa’s casino, bingo and sports betting operations across Spain, Italy, and Latin America. Reports in recent months have also suggested Blackstone had hoped to add Luckia Egasa, one of the leading retail bookmakers in Spain, to its portfolio, but was unable to agree terms on a deal.

Source: igamingbusiness.com