Heroic organization to change owners

Norwegian club Heroic is one step away from an ownership, as was shared by HLTV.org, which managed to analyze the information published on the NOTC stock exchange.

It was reported that the Norwegian company Krow Bidco will become the new owner of the organization. Heroic is currently in the process of selling all of its shares, valued at $5.2 million.

The deal is expected to close in June. Shareholders, including the current board of directors and management of the company, which hold about 42% of all shares, have already signed conditional purchase agreements that will take effect if a new buyer enters into agreements to acquire 75% of all outstanding shares.

As HLTV.org journalists managed to discover, ULTI Agency, which helped Cloud9 in buying out Gambit roster last year, was an intermediary in the deal.

Last month Heroic released a financial report that reported a $14.3 million loss. This news came after serious financial difficulties that the organization had to face.

Origin: www.hltv.org