Just a few years after purchasing the company, the Embracer Group may be planning on selling Gearbox Software, the makers of Borderlands.

The Embracer Group has spent years buying up a staggering amount of developers but has lately ran into some problems. Their stock price has dropped by 40% and a planned $2-billion deal with the Savvy Games Group, funded by Saudi Arabia, fell through at the last minute. As a result, Embracer announced a major restructuring with Volition, the creators of Saints Row, being the latest casualty.

According to reports, Embracer have been working with Goldman Sachs and Aream & Co to explore the possibility of selling Gearbox, and have already found several interested parties. Jason Schrier of Bloomberg has backed up these claims, stating that a company wide Email was sent out addressing the potential sale.

“The base case is that Gearbox remains a part of Embracer,” Gearbox chief communications officer Dan Hewitt said in the Email. “However, there are many options under consideration, including Gearbox’s transfer, taking Gearbox independent, and others. Ultimately, we’ll move ahead with whichever path is best for both Gearbox and Embracer.”

Embracer bought Gearbox in 2021 in a deal reported to be worth about $1.3 billion. With the acquisition Embrace snagged the rights to IP like Borderlands, Homeworld, Brothers in Arms and more. Since then, however, Embracer hasn’t seen a huge return from the investment. Gearbox has published a few small titles, and developed Tiny Tina’s Wonderlands which was published by 2K.

The sale of Gearbox comes with a lot of potential confusion since there are actually several other companies under the Gearbox umbrella such as Cryptic. These would presumably be shuffled around in the event of a sale, in much the same way Volition was put under Gearbox prior to its closure.