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Published: July 3, 2023

Written by: Stoyan Todorov

  • All of the Heroic’s management has already signed conditional purchase agreements
  • There is not much known about Heroic’s buyer, Krow Bidco AS
  • Heroic’s shares amount to a total of 56 million NOK or $5.2 million

While Heroic is busy securing a spot in the playoffs of the BLAST Premier Paris Major, their management is hard at work finalizing a deal for the selling of the organization.

Heroic Is In the Middle of a Deal

BLAST Premier Paris is well in its closing stages with organizations from all around the globe duking it out in the final CS:GO Major to be played before the game transitions to Counter-Strike 2. Heroic is one of the 24 teams that are battling for a chance to win fame and fortune, but while this is happening, the organization is in the process of being sold.

According to a Monday release on the Norwegian stock market, Heroic is in a deal with Krow Bidco AS to launch an offer to buy all outstanding shares of the company. Apparently, the transfer is set to be completed in June, with the price for one share being 2 NOK (~$0.19), which amounts to about 56 million NOK (~$5.2 million) for all shares.

The deal is already well into its completion stages, as the shareholders have already signed conditional purchase agreements, which will come into effect if the new buyer enters such agreements to acquire 75% of all outstanding shares. Around 42% of the company’s shareholders are its current board and management, which have all signed conditional purchase agreements.

According to some rumors, the deal has been brokered by ULTI Agency. The Norwegian agency already has a strong portfolio in the esports industry, having previously negotiated the sale of the Gambit team to Cloud9 in April 2022, and currently representing the likes of Jonatan “⁠Devilwalk⁠” Lundberg, Håkon “⁠hallzerk⁠” Fjærli, and Fredrik “⁠roeJ⁠” Jørgensen.

Heroic’s buyer is Krow Bidco AS and not much is known about them. According to what’s available, the organization is a “Norwegian private limited liability company owned by a regulated EU investment fund.”

But while management is busy making busyness deals, Heroic has had their hands full winning at the BLAST Premier Paris major. The team was among the first squads to secure a spot in the event’s playoffs on Sunday, alongside the likes of Vitality who defeated Monte to get into the Champions Stage.

Heroic has been going through some financial troubles over the past few months, which is perhaps the reason for the selling of the organization. Its stock recently plummeted to 0.80 NOK and the group was forced to release new shares to secure additional funding in order to be able to operate throughout the rest of the year.

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Stoyan Todorov

Stoyan is passionate about video games and electronic sports and has played and covered virtually every single competitive title - from Farming Simulator to Dota 2!

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1
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