Heroic nears crucial acquisition deal

Heroic is on the brink of a buyout as it enters into an agreement with Norwegian company Krow Bidco AS. The deal aims to offer a lifeline to Heroic, which has been facing significant financial challenges for quite a while now.

Under the agreement, Krow Bidco AS plans to acquire all outstanding shares of Heroic Group. The proposed offer stands at 2 NOK per share, equivalent to approximately 15.6 INR per share. If successful, the acquisition would amount to a total value of 55.9 million NOK (around 42 Crore INR), considering the current number of outstanding shares. 42% of Heroic's shareholders, including members of the board and executive management, have already signed conditional share purchase agreements with Krow Bidco AS. If shareholders representing 75% of the outstanding shares accept the offer, the acquisition will proceed.

As per reports received by HLTV, ULTI Agency, a reputable Norwegian agency well-versed in esports dealings, has played a pivotal role in brokering the deal. The involvement of ULTI Agency, known for previous successful negotiations such as the sale of the Gambit team to Cloud9, adds credibility to the transaction.

Earlier this year, Heroic urgently sought a capital injection of 80 million NOK (about 61.7 Crore INR) to sustain operations until the end of 2025. Heroic has faced considerable financial hurdles, as evidenced by its 2021 financial records.

Amidst these negotiations, Heroic's CS:GO roster is currently competing at the BLAST.tv Paris Major, qualifying 3-0 in the Legends Stage, securing a spot in the playoffs.