Codere Group has announced the acquisition of a 70% stake in Italian VLT and AWP operator Codgames.
Through its subsidiary Operbingo Italia, Codere consolidates its position in the Italian market and, at the same time, expands its network to the south of the peninsula.
The founding Manna family, on the other hand, holds the remaining 30% of the company’s share capital, which currently operates 600 machines in the Calabria region.
Regarding the acquisition, Alejandro Pascual, Codere Europe Regional Manager and COO of Italy, said: “This acquisition represents an important step in our territorial expansion plan in Italy.
Codgames embodies the values we seek in our partners: professionalism, local roots and commitment to the development of the sector. We are convinced that this alliance opens doors to new opportunities and strengthens our common long-term project.”
Focus on Italian expansion
With this agreement, Codere reaffirms its commitment to Italy as one of its main markets. Furthermore, it moves towards its goal of establishing a robust and diversified national network.
Armando Manna, a member of the company’s founding family, added: “We are proud to join a group like Codere, which has demonstrated not only solid experience and reliability, but also a deep respect for local operators.
We are confident that this collaboration will enable us to successfully face future challenges and continue to add value to our community.”
This acquisition comes after the Spanish gambling giant opted to significantly reduce its debt in a restructuring deal in June last year. Consequently, the deal resulted in the company being transferred to its creditors, who were already largely existing shareholders.
About Codere Group
The Codere Group has been operating as an international operator in the gaming sector since 1980. The company was initially established in Spain and subsequently expanded its operations to several countries, mainly in Latin America and Europe.
The group currently manages gaming machines, sports betting rooms, bingo halls and casinos in different regions. In addition, Codere operates in the online environment, offering digital betting services.
In terms of structure, the company has a global team and maintains commitments to responsible gaming practices, establishing itself as a reference in the regulated entertainment segment.