Tether to Spend $616 Million to Buy Majority Stake in Adecoagro

Tether Holdings SA, which runs the biggest stablecoin, will spend up to $616 million to raise its stake in South American agricultural and energy production firm Adecoagro SA to 70%.

Tether’s investment arm will start a tender offer for almost 50 million shares in the New York-traded company at $12.41 apiece, Adecoagro said in a filing on Thursday. Adecoagro’s board has accepted the offer, it said.

The transaction adds to a deals spree for Tether, flush with cash from yields on its vast Treasury holdings. Separately on Thursday, The El Salvador-based firm said it will pay about €10 million ...