SBC News New Codere leaders quash Cirsa merger speculation

New Codere leaders quash Cirsa merger speculation

The new executive leadership team of Spanish gambling firm Grupo Codere has dismissed reports that the company is seeking to merge with main Spanish market rival Grupo Cirsa.

This January, Codere announced the appointments of Vicente Di Loreto as Group CEO, supported by Norman Sorensen Valdez as Executive Chairman.

The new leadership team is supported by Codere’s debt-controlling private equity investors and sees the Spanish legacy gambling operator diminish the executive influence of enterprise founding family the Martínez Sampedros.

A number of Spanish news sources had reported that Codere’s new executive team would seek to explore M&A opportunities, with some outlets further suggesting that Codere governance may seek to combine with main rival Cirsa, creating a Spanish gambling giant.

Spanish rival Cirsa is currently reviewing its corporate options with its governance mulling a potential public offering or the sale of the business.

Reacting to the speculation, Codere governance were quick to pour cold water on the Cirsa rumours, stating that it had no intention of reviewing its rival as a partner. 

As Di Loreto and Sorensen Valdez settle down as Codere leaders, the company is expected to pursue its ongoing South American expansion.

In 2017, a restructured Codere noted significant progress in its core market of Spain, supported by accelerated growth for its Mexico and Argentina properties. Furthermore, the company launched its services within the newly regulated Colombian gambling market.

Check Also

SBC News Codere grows in Mexican market via enhanced Rayados FC deal

Codere grows in Mexican market via enhanced Rayados FC deal

Codere Online has expanded its sponsorship agreement as the official betting partner of the Monterrey …

SBC News Codere returns to bondholders to fund global recapitalisation programme

Codere returns to bondholders to fund global recapitalisation programme

The board of Grupo Codere SA states that it is in “advanced negotiations” with existing …

SBC News DGOJ launches whistle-blower Portal of SIGMA Programme

DGOJ launches whistle-blower Portal of SIGMA Programme

DGOJ, the Gambling Directorate of Spain, continues to strengthen the sports integrity provisions of the …