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Tether Boosts Stake in $1.12B Agricultural Firm Adecoagro to 70%
AGRO shares jumped over 7% to $11.95 in pre-market trading following the announcement
What to know:
- Tether, issuer of $144 billion dollar stablecoin USDT, has boosted its stake in Latin American agricultural firm Adecoagro.
- The $12.41 per share offer, which is subject to certain closing conditions, would take Tether's stake in Adecoagro from 51% to 70%
- Tether is also increasing its exposure to the entertainment industry, acquiring a 30.4% stake in Italian media company Be Water for 10 million euros
In this article
Tether, issuer of $144 billion dollar stablecoin USDT, has boosted its stake in Latin American agricultural firm Adecoagro (AGRO).
The $12.41 per share offer, which is subject to certain closing conditions, would take Tether's stake in Adecoagro from 51% to 70%, according to an announcement on Thursday.
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AGRO shares jumped over 7% to $11.95 in pre-market trading following the announcement.
Adecoagro's business is focused on sugar, ethanol, dairy and crop production Argentina, Brazil, and Uruguay. It owns 210,400 hectares of farmland and several industrial facilities across these countries.
The company has a market cap of just under $1.12 billion.
Tether views its Adecoagro's investment as one in the safe haven of land that complements its holdings in bitcoin
and gold."Our investment aligns with Tether's broader strategy to back infrastructure, technology, and businesses that advance economic freedom and resilience," Tether CEO Paolo Ardoino said in Thursday's announcement.
Tether is also increasing its exposure to the entertainment industry, acquiring a 30.4% stake in Italian media company Be Water for 10 million euros ($10.8 million).
This investment follows Tether's announcement last month of taking a minority stake in Ardoino's favorite team Juventus FC, arguably the largest soccer club in Italy.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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