Investing.com -- Spanish gambling group Codere has appointed Jefferies and Macquarie Capital as advisers for a potential sale that could value the company at more than 2 billion euros ($2.32 billion), according to a report by newspaper Expansion on Wednesday.

The process remains in its early stages, with indicative bids expected by mid-May, binding offers anticipated around early July, and a deal targeted for completion before the August summer break, the report said, citing several market sources familiar with the transaction.

The sale would include Codere Online, the group's digital unit listed on Nasdaq.

Codere ranks as Spain's second-largest gambling and leisure group after Cirsa. The company is currently owned by approximately 84 investment funds following a 2024 debt-for-equity deal that transferred control from the founding Martinez Sampedro family.

Davidson Kempner holds the largest stake at 13.3%, followed by Palmerston Capital, Deltroit, System 2 Capital, and Invesco.

Founded in 1980, Codere operates in regulated markets across Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay, offering both land-based and online gambling services.

The pool of potential bidders could include industrial and financial investors, though some private equity firms face ESG-related restrictions on gambling investments, which may limit the number of interested parties, according to the Expansion report.