Corsair is pursuing an acquisition of the racing sim brand Fanatec. In an update shared on Thursday, Corsair says it’s negotiating with Fanatec to restructure the troubled company’s around €70 million (about $75.4 million) debt and cover short-term costs.

Over the years, Fanatec has established itself as one of the most popular brands for racing sim hardware. It offers a premium lineup of racing wheels, pedals, shifters, and more, which virtual racing enthusiasts can hook up to their console or PC when playing games like Gran Turismo 7 and Assetto Corsa.

“This transaction would solve the company’s significant debt load and position the company for growth and continued product portfolio expansion,” Corsair CEO Andy Paul says in a statement. Regulators in Germany — where Fanatec is based — still have to approve of the deal.

Corsair isn’t the only company in the gaming hardware and peripheral industry making moves as of late, as Turtle Beach acquired the gamepad maker PDP in March.