According to ChainCatcher, Tether, the world's largest issuer of the stablecoin USDT, plans to acquire Italian football club Juventus, increasing its existing minority stake to 100%. In a statement released Friday, the company said it has submitted a binding all-cash offer to Exor, the club's major shareholder, to acquire its 65.4% stake.
If the deal goes through, Tether will launch a public tender offer for the remaining shares of the club at the same price. Juventus FC SpA, the parent company of Juventus FC, is a publicly traded company with a market capitalization of approximately $925 million based on Friday's closing price. Tether stated that it is prepared to invest $1 billion in the club if the acquisition is completed.
“Our interest in Juventus stems from deep admiration and respect,” said Paolo Ardoino, CEO of Tether and a lifelong Juventus fan, in a statement. “Tether is financially sound and plans to support the club’s development with stable capital and a long-term vision.” Tether currently holds over 10% of Juventus’ shares and earlier this year expressed its desire to play a more active role in the Torino club. Following the announcement, Juventus fan token JUV surged 30%.
