SCHEDULE 13D/A: Tether Entities and Giancarlo Devasini Consolidate Controlling Stake in Adecoagro S.A. to 71.2%

Tether Holdings, S.A. de C.V., Tether Investments, S.A. de C.V., and Giancarlo Devasini have collectively increased their beneficial ownership in Adecoagro S.A. to a controlling 71.2% through recent open market purchases.

Summary

• The filing is Amendment No. 12 to the original Schedule 13D concerning beneficial ownership of Adecoagro S.A. Common Shares.
• Tether Holdings, S.A. de C.V., Tether Investments, S.A. de C.V., and Giancarlo Devasini (collectively, the "Reporting Persons") beneficially own an aggregate of 71,177,548 Common Shares of Adecoagro S.A.
• This ownership represents 71.2% of the 99,993,156 Common Shares outstanding as of April 4, 2025.
• Tether Holdings Limited and Tether Investments Limited have re-domiciled from British Virgin Islands to El Salvador, now operating as Tether Holdings, S.A. de C.V. and Tether Investments, S.A. de C.V.
• Giancarlo Devasini holds a greater than 50% voting interest in Tether Holdings, S.A. de C.V., and disclaims beneficial ownership of the shares except to the extent of his pecuniary interest.
• Tether Investments, S.A. de C.V. executed open market purchases of Adecoagro Common Shares between May 16, 2025, and June 6, 2025, at prices ranging from $9.0483 to $9.4925 per share.

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership to a controlling 71.2% by Tether entities and Giancarlo Devasini, coupled with ongoing open market purchases, indicates strong investor confidence and a long-term strategic commitment to Adecoagro S.A.

Positives

• The Reporting Persons have significantly increased their beneficial ownership to a controlling stake of 71.2%, indicating strong conviction in Adecoagro S.A.
• Continued open market purchases by Tether Investments, S.A. de C.V. demonstrate ongoing investment and confidence in the company.
• The consolidation of a majority stake by a major investor group can provide stability and clear strategic direction for the company.

Future Outlook

NA

Industry Context

This document is an ownership disclosure and does not provide specific industry context or analysis related to broader industry trends for Adecoagro S.A., an agricultural company. However, the significant investment by Tether entities, known for their involvement in digital assets, could signal a strategic diversification or interest in traditional asset classes.

Stakeholder Impact

• Shareholders: The increased control by a single group (Tether entities and Giancarlo Devasini) could impact the influence of minority shareholders in corporate decisions.
• Employees/Customers/Suppliers: The significant investment and controlling stake may signal stability and a clear strategic direction for the company, potentially benefiting employees, customers, and suppliers through sustained operations and investment.

Key Dates

Recommendation

Keywords

Adecoagro S.A., Tether Holdings, Tether Investments, Giancarlo Devasini, Schedule 13D, beneficial ownership, common shares, open market purchases, controlling stake, agricultural company