Tether, the crypto company behind the world’s largest stablecoin, USDT, plans to acquire popular Italian football team Juventus FC, increasing its minority interest to 100%.
The business has made a binding bid for majority shareholder Exor’s 65.4% ownership in the club in an all-cash transaction. If the deal goes through, Tether plans to make a public tender offer for the club’s remaining shares at the same price. Juventus FC SpA is a publicly traded business with a market capitalisation of $925 million as of Friday’s closing price.
If the deal is finalised, Tether stated that it is “prepared” to invest $1 billion in the club.
“Our interest in Juventus comes from deep admiration and respect,” stated Paolo Ardoino, CEO of Tether and a long-time supporter of the team, in a statement. “Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon.”
Juventus has always been a part of my life, Tether CEO Paolo Ardoino also stated. “I was raised with this team. Watching Juventus overcome success and hardship with dignity taught me as a youngster what dedication, fortitude, and responsibility meant. I remembered those teachings long after the last whistle blew.
Tether purchased a minority stake in the team, which competes in Serie A, Italy’s top football league, back in February.
Tether plans to submit a public tender offer for the remaining shares at the same price if Exor accepts it. The cryptocurrency company promises to invest 1 billion euros to help the team grow if it succeeds.
The company has continued to invest actively, most recently participating in an $81 million funding round for an Italian humanoid robotics company. After declaring last year that it would invest $775 million in the YouTube competitor, it acquired an additional 1 million shares of Rumble in November.
Bloomberg reported on Friday that Tether is thinking about tokenising its stock. According to reports, the privately held business is looking to raise $20 billion at a $500 billion valuation.
