Last Friday, an earthquake discreetly shook the hallways of high finance in Turin. A firm buyout offer, "all-cash", of €1.1 billion landed on the desk of John Elkann, the head of Exor, to acquire the jewel of the Agnelli family: Juventus.
The buyer is neither a Saudi sovereign fund nor an American consortium. It is a technology company without official offices, led by an Italian fan of the Old Lady (Paolo Ardoino), and whose main product is a computer code: Tether.
If Exor immediately opposed a rejection ('Juventus is not for sale'), the details of the offer reveal a brutal change in the economic paradigm.
Tether was not only proposing to buy back the 65.4% stake from Exor at €2.66 per share (a 21% premium on the closing price). The company also committed to injecting an additional billion euros out of its own pocket to cover the debts and revive the club.
