Codere denies Novomatic interest in online business

By | February 23, 2021

Codere SA has rejected Spanish news reports that it has entered into negotiations to sell a majority 51% stake of its online gambling unit to Austrian conglomerate Novomatic.

The Bolsa Madrid-registered gambling group instantly refuted a news article published by El Confidencial this morning, in which it was reported that the firm was reviewing a strategic offer put forward by Novomatic to become the majority owner of its online gambling division.

Replying to SBCNoticias, Codere stated that El Confidencial’s report was misinformed, as the Spanish operator continues to search for strategic partners to grow its online business within new territories.

Codere maintained that under no circumstances would it look to sell a majority stake of its online business, whilst any partner or investor would have to accept a minority role in the company.  

Furthermore, Codere underlined the significant growth prospects of its online operations within new South American markets such as Colombia and Mexico.

Last November, Codere revealed in its Q3 trading update that the company was tracking year-to-date losses of €240 million, as the COVID pandemic had impacted all commercial units.

During 2020, Codere kept all of its business units afloat after securing a €250 million credit line, made available by its existing investors.

Codere will publish its full-year 2020 results on Friday 26 of February.

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