While Heroic compete in Paris, the company is in the process of being sold *

After months of struggles to raise enough capital to continue operations, the Heroic Group is on the horizon of going private under a new owner.

---

Update May 16, 10:48
A key threshold of the sale has been met

Shareholders representing over 75% of all shares in Heroic Group have now signed purchase agreements with the to-be new owner, Krow Bidco AS, meeting the threshold necessary for the acquisition. The buyer is now expected to launch an offer for the acquisition of the remaining shares, according to the release.

---

May 15, 12:15

According to a Monday release on the Norwegian stock market, the Heroic Group has entered into an agreement for Krow Bidco AS to launch an offer to buy all outstanding shares of the company and recommended its shareholders to accept the offer.

Expected to be completed in June, the offer stands at 2 NOK (~$0.19) per share, with the total value of all shares amounting to nearly 56 million NOK (~$5.2 million). Shareholders including the company's current board and management representing around 42% of all shares 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.

According to information received by HLTV.org, ULTI Agency helped broker the deal. The Norway-based agency, which represents the likes of Jonatan "⁠Devilwalk⁠" Lundberg, Håkon "⁠hallzerk⁠" Fjærli and Fredrik "⁠roeJ⁠" Jørgensen, previously negotiated the sale of the Gambit team to Cloud9 in April 2022.

Not much is known about the buyer, Krow Bidco AS, other than that it is a "Norwegian private limited liability company owned by a regulated EU investment fund."

The news comes amid HEROIC's CS:GO team's campaign at the BLAST.tv Paris Major. Casper "⁠cadiaN⁠" Møller's squad were one of the first two teams to secure qualification for the playoffs on Sunday, alongside Vitality, and ensured their fourth consecutive Major playoffs appearance.

The sale offer of the company behind the Danish squad follows months of Heroic Group's financial struggles. Its stock recently plummetted to 0.80 NOK and the group was forced to release new shares to secure additional funding, only enough to sustain operations through summer 2023.