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Private equity group The Carlyle Group has hired advisers to explore the sale of its Cambridge-based video game developer Jagex, according to people familiar with the matter.

Games developed by Jagex include runic landscapeIt is working with bankers at Morgan Stanley, the people said. People familiar with the matter said the company’s sales could exceed £1bn.

The people familiar with the matter cautioned that discussions were at an early stage and that the timeline for the sale process could run from the end of this year to the first half of 2024.

The company had previously been viewed as a candidate for a U.K. IPO. Several London-listed video game developers, including Codemasters and Sumo Digital, have disappeared from the public market in recent years due to foreign takeovers.

Representatives for Carlyle and Morgan Stanley declined to comment.

it’s a story of development

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