Heroic, one of Denmark's leading professional esports organizations, announced plans for privatization after many months of financial difficulties.

As a result of an agreement concluded with Krow Bidco AS, a Norwegian private joint-stock company that owns a regulated investment fund of the European Union, an offer to purchase all Heroic Group shares put up for sale will be presented to shareholders for consideration.

According to the statement, the transaction should be completed in June, and the offer is 2 Norwegian kroner (approximately $0.19) per share. All claims are estimated at around NOK 56 million (about $5.2 million). Many shareholders, including the current board of directors and the company's management, have already consented to the sale and signed conditional purchase agreements.

Heroic Group has faced severe financial difficulties in recent months, resulting in the value of its shares falling sharply to the mark of NOK 0.80. The group had to issue new shares to provide additional financing, but this was only enough to support operations until the summer of 2023.

Statements of Heroic Group’s representative:

This transaction is an essential step for our organization.

Privatization will allow us to attract the necessary resources and expertise to continue the development of our team. We are sure that with a new owner, Heroic will be able to reach new heights and achieve success in the world of esports.
It is reported that the agency ULTI Agency, which already has experience in esports, successfully negotiated the sale of the Gambit and Cloud9 teams in the past.

Let us remind you that currently, the Heroic lineup is not experiencing any particular difficulties. The team entered the playoffs of the last CS:GO major - BLAST.tv Paris Major 2023 with a score of 3:0.

BLAST.tv Paris Major 2023 takes place from May 8 to 21. The teams are fighting for a prize fund of $1.25 million. The tournament winner will also receive quotas for IEM Cologne 2023 and BLAST Premier: World Final 2023. You can track the schedule and results of the major here.