Embracer is considering selling Gearbox Entertainment, the studio that created the Borderlands shooter
The Swedish company Embracer is considering the possible sale of Gearbox Entertainment, which created the popular first-person shooter Borderlands. This is reported by Reuters with reference to informed sources.
According to them, Embracer is working on this issue together with Goldman Sachs and Aream & Co. It is also reported that the company is considering selling the studio as it seeks to strengthen its financial position. According to sources, third parties have already shown interest in a potential deal.
In June, it became known that Embracer Group would conduct a large-scale restructuring, which would include the closure of several studios and the cancellation of a certain number of games. The news comes shortly after the publisher’s $2 billion deal fell through.
According to the company’s CEO Lars Vingefors, the restructuring is divided into three phases and is expected to last until March 2024. As part of the restructuring, the company plans to reduce its debt to below 10 billion kronor (about $930 million).
Last year, Embracer Group acquired several other companies (Killing Floor developer Tripwire Interactive and Limited Run Games) and the intellectual property rights to Lord of the Rings and Hobbit.