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Crypto companies are making wider entry to conventional businesses after USDT stablecoin issuer, Tether, offered a $1 billion bid to acquire Juventus Football Club. The proposal contained a public tender to make a purchase of outstanding shares at the same price pending the approval by regulators.
Tether Seeks Ownership Control of Juventus
Tether, in an official statement, confirmed that it has made a binding offer to Exor. In Juventus, there is a 65.4% stake by the Agnelli family through Exor, its holding company.
Juventus stock jumped following the offer. The market cap of the club’s stock is now nearly 1 billion euros. This showed renewed interest from investors as the update about the takeover spread. Also, the valuation of Exor’s present stake is approximately 540 million euros based on the current stock price.
Tether is ready to inject up to 1 billion euros in other club investments, which will happen in the event of a successful deal. The offered investment comes after scrutiny of the company by industry observers. The financial health and solvency of Tether have been called into question. Nevertheless, CoinShares indicated that the firm is not financially weak.
Tether said that Juventus is an international organization with substantial and sustainable commercial and sporting potential. The decision to make the bid is largely due to the commitment towards credible investment and further growth for Tether as mentioned by CEO Paolo Ardoino.
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