Codere acquires majority stake in Italy’s Codgames

Through its Operbingo Italia subsidiary, Codere has acquired a 70% stake in Codgames. The remaining 30% remains in the hands of the founding Manna family, Codere confirmed in a statement.

Financial terms of the deal were not disclosed.

The acquisition, Codere said, strengthens its presence in Italy, expanding its network in the country’s south. Codgames operates more than 600 machines throughout the Calabria region.

Codere has been active in Italy for over 20 years, with the group active across online and the land-based market.

“Important” expansion step for Codere

Alejandro Pascual, regional manager of Codere Europe and chief operating officer of Italy, welcomed the deal. He said the acquisition will present the group new opportunities in the wider Italian market.

“This acquisition represents an important step in our territorial expansion plan in Italy,” he said. “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 the door to new opportunities and strengthens our long-term common project.”

Armando Manna, part of the founding family at Codgames, also talked up the new link-up. He said it will support the company with its own growth goals.

“We are proud to join a group like Codere,” Manna said. “They have demonstrated not only solid experience and reliability, but also a deep respect for local operators. We are confident that this collaboration will allow us to successfully face future challenges and continue adding value to our community.”

Last year, Codere Group said it was eyeing expansion in LatAm and Europe after completing its planned recapitalisation and slashing its corporate debt from €1.4bn (£1.17bn/$1.53bn) to approximately €190m.