Tether Finalizes Purchase of 70% Stake in Adecoagro (AGRO)

The issuer of USDT, Tether, has now fully acquired a 70% majority stake in Latin American food and bioenergy firm Adecoagro (NYSE: AGRO). The company, which has a market cap of nearly a billion dollars, was last valued at around $766 million.

Initially investing $100 million in September 2024 for a 9.8% stake, Tether further disclosed in February its intention to raise it to 51% and ultimately secure majority control. By March, Tether had increased its holding to 67% and made an offer to acquire the remaining shares for $11.50 apiece in order to take over the company.

Now, with this majority stake, Tether gains control over one of the region's most prominent food and bioenergy producers. Adecoagro's portfolio includes sugar mills, rice farms, dairy operations, and renewable energy assets located in Brazil, Argentina, and Uruguay.

Tether's move might be part of its broader ambition to tokenize real-world assets. The company launched its asset tokenization service, dubbed Hadron, in December 2023. The platform is designed to simplify the process of converting a wide range of real-world assets, including bonds, commodities, stocks, other stablecoins, and loyalty points into digital tokens on blockchain rails.

"We are pleased to be taking another concrete step in aligning with companies that share our vision for the future of finance. As we continue to broaden the scope of Web3, we are committed to forging partnerships with institutions that are leaders in their respective industries and that share our values. In aligning with Adecoagro’s proven expertise in agriculture and renewable energy, we are helping to scale the company's output and ultimately align it closely with our own mission of fostering economic freedom through decentralized finance and investment in underserved markets," said Paolo Ardoino, CEO of Tether.

Following the deal, Adecoagro's board of directors has also undergone changes. Five members - Peter Bernstein, Lawrence Crane, Lawrence Messina, Virginia Morgenstern and Martin Sorrell - have stepped down from their roles. They are being replaced by executives tied to Tether and its strategic goals. These executives include Ardoino, Ben Cha متحدو اسلمو اكمل reading.