Swedish gaming conglomerate Embracer Group remains in dire straits after a $2 billion investment deal with Saudi-funded Savvy Games Group fell apart earlier this year and caused the company’s stock price to plummet by over 40%. After shutting down Saints Row developer Volition just two weeks ago, news outlet Reuters is now reporting that Embracer has put Gearbox Software on the market.
According to an intra-company email obtained by Bloomberg, and relayed by VGC, Gearbox has told its staff that all options are on the table for the Borderlands proprietor, with Gearbox chief communications officer Dan Hewitt telling employees:
“The base case is that Gearbox remains a part of Embracer,” he wrote. “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 hasn’t owned Gearbox for long, having purchased the US-based company in 2021 for a deal valued at up to $1.4 billion. In addition to the Borderlands IP, Gearbox recently published Remnant II – the best-selling video game in America for the month of July. Reuters added in its report that Embracer has sent marketing materials to interested buyers, which primarily consists of "international gaming groups" at this point.