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Tether Made 'Unsolicited' Bid for Majority Stake in $1B LatAm Agribusiness Adecoagro
Adecoagro owns farmland and industrial facilities across Argentina, Brazil and Uruguay.
Updated Feb 18, 2025, 3:44 p.m. Published Feb 18, 2025, 1:48 p.m.
What to know:
- Tether's investment arm earlier this month submited a non-binding, unsolicited offer to acquire a majority stake in agricultural producer firm Adecoagro.
- The bid is for $12.41 per share. Adecoagro's New York-listed shares (AGRO) are higher by 8% premarket to $10.48.
- Adecoagro’s board is reviewing the offer with financial and legal advisors.
Tether, the crypto firm behind the $140 billion dollar USDT stablecoin, made an "unsolicited" proposal to acquire a majority stake in Latin American agricultural commodities producer firm Agrodeco (AGRO).
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Submitted on Feb. 14, the $12.41 per share offer was to bring to Tether's stake in the company from the current 19.4% to 51%, according to a Tuesday press release by Adecoagro.
The Adecoagro board met on Feb. 16 to discuss the bid and has engaged financial and legal advisors to determine whether accepting the offer aligns with shareholders' interests, the company said.
Adecoagro's shares jumped 8% premarket to $10.48 in premarket trading in New York.
Adecoagro is a major player in South America’s agribusiness sector focusing on sugar, ethanol, dairy, and crop production and operating across Argentina, Brazil, and Uruguay.
"Land is a critical asset class, scarce, yielding long-term returns, and historically a safe haven during geopolitical uncertainty," a Tether spokesperson said in an email to CoinDesk. "Investing in agriculture aligns with our vision of resilience and sustainability, complementing our existing holdings in bitcoin and gold. Adecoagro, with its focus on essential agricultural production, represents an opportunity to support an industry fundamental to humanity’s future."
Tether's investment offer comes as the company is expanding beyond its core crypto business. The stablecoin issuer said it raked in $13 billion in net profits last year.
Read more: Tether's $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
UPDATE (Feb. 18, 15:43 UTC): Adds statement from Tether spokesperson.
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