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Blackstone plans to acquire Codere

US multi-national private equity firm Blackstone has desire to buy Grupo Codere, Spain’s largest gambling operator.

Earlier this year Blackstone purchased Spain’s Cirsa and is reportedly looking to further enhance its presence in the country. 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 December 31, 2017.

Spanish analysts believe that it may be the optimal time for Blackstone to make its move on Codere, as the company has recently restructured its debt-capacity, operations and governance make-up reducing the influence of the enterprise founding Martinez Sampedro family.

Merging Codere and CIRSA assets, Blackstone will create the outright gambling leader in Spain and multiple LATAM territories (Dominica, Costa Rica, Mexico, Argentina, Peru).

 

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