According to a Norwegian stock market announcement released on Monday, Heroic Group has reached an agreement with Krow Bidco AS to initiate a plan to acquire all outstanding shares of the company and recommend that its shareholders accept the plan.
The acquisition plan is expected to be completed in June at a price of 2 Norwegian kroner per share (approximately $0.19), with a total value of nearly 56 million Norwegian kroner (approximately $5.2 million) for all shares. Shareholders, including the current board of directors and management of the company, hold approximately 42% of all shares and have signed conditional purchase agreements. If new buyers enter such agreements to acquire 75% of all outstanding shares, these agreements will become effective.
According to HLTV, ULTI Agency helped facilitate this transaction. This Norwegian brokerage company has players such as Devilwalk, hallzerk, and roeJ under its umbrella. The company previously coordinated the sale of Gambit to Cloud9 in April 2022.
There is not much information about the buyer, Krow Bidco AS, as it is known as a “Norwegian limited liability company owned by a regulated EU investment fund”.
This news appeared during Heroic’s CS: GO team’s participation in the BLAST.tv Paris Major match. Heroic was one of the first two teams to advance to the knockout stage on Sunday, and the other was Vitality. It also ensured their fourth consecutive participation in the Major playoffs.
The sale offer of the Danish team’s affiliated company was made after months of financial difficulties. Its stock has recently dropped to 0.80 Norwegian kroner, forcing the group to issue new shares to obtain additional funds, which is only enough to sustain operations until the summer of 2023.
