Tether, a giant in the cryptocurrency industry, invested US$600 million in the Argentine agribusiness company
Mariano Bosch, the company's CEO, celebrated the transaction and highlighted that Tether shares Adecoagro's entrepreneurial vision. He stated that the operation respects minority shareholders and announced that he will retain his shares.
Adecoagro, an Argentine company that owns the milk brands Las Tres Niñas, Apóstoles, and Angelita, accepted a million-dollar offer. The purchase was made by Tether Investments, creator of the cryptocurrency USDT.
The transaction amounts to US$ 615.5 million and will allow Tether to control 70% of the capital of the agricultural firm. The agreement is still subject to regulatory conditions.
Adecoagro is one of the main agricultural companies in Argentina, with businesses in dairy, rice, sugar, ethanol, and grains. It was founded in 2002 and today has 210,400 hectares in Argentina, Brazil, and Uruguay.
With this purchase, Tether, which already owned 20% of Adecoagro, seeks to expand its presence in the food industry. The crypto company will pay US$ 12.41 per share to reach 70% control.
"I'm very excited about this transaction and having a shareholder of this level," Bosch declared.
Tether's foray into the sector wouldn't stop at Adecoagro. There is speculation in the market about its interest in Bioceres Crop Solutions, a company that developed drought-tolerant soy and wheat.
Bioceres is listed in the United States and its valuation exceeds US$ 250 million. Although there is no formal offer, the crypto giant could expand its presence in Argentine agriculture.
