The Norwegian esports organization Heroic hopes that with the arrival of a new owner, it can once again achieve financial stability. It was recently announced on the Norwegian stock exchange that the Heroic Group had signed an agreement with Krow Bidco AS.
According to the published information, it is expected that Krow Bidco AS will make an offer to buy all the shares of the esports organization. On the other hand, it has also been reported that Heroic Group has asked each shareholder to accept the offer from Krow Bidco AS.
A new owner for Heroic Esports organization
According to information published on the Norwegian stock exchange, the offer from Krow Bidco AS is expected to be accepted in June. The total cost of Heroic Group’s shares is estimated to be $5.2 million; each share has a value of $0.19.
So far, investors representing 42% of the shares have already signed the agreement. Among the people who have already accepted this deal are the current CEO and director of the company. However, for the deal to go into effect, the buyer has to obtain 75% of the company’s shares.
On the other hand, according to information revealed by HLTV.org, the ULTI agency has been a key player in the negotiations to finalize the deal. It is important to highlight that the agency has an impressive portfolio of clients crucial in carrying out additional purchases.
In turn, Heroic’s buyer, Krow Bidco AS, has remained very low profile, as it is hardly known that it is a private company from Norway regulated by the UK investment fund. However, with so little information about Krow Bidco AS, it isn’t easy to understand the scope of the company’s operations.
Heoric’s CS:GO squad consolidates as one of the strongest in the competitive scene
The financial problems that the Heroic Group is going through seem not to have affected the players on its CS:GO roster one bit. However, the team is currently competing in the BLAST.tv Paris Major and its power have been noticeable.
3-0 QUARTER FINALS SECURED BABY
— cadiaN (@caspercadiaN) May 14, 2023
Heroic’s squad, led by Casper “cadiaN” Møller, has shown their skills and qualified for the playoffs, consolidating themselves as one of the most solid teams participating in this latest CS:GO Major.
PLAYOFFS IN THE LAST CSGO MAJOR🔥🔥
— René "TeSeS" Madsen (@Tesescsgo) May 14, 2023
After many months of financial instability, the Heroic organization is now at a crucial point, thanks to the buyout offer. Recall that the organization had to issue new shares to obtain the necessary liquidity until this summer. So they must complete the buyout to keep the organization’s doors open.