Multiple private equity firms are competing to buy out the Japanese cybersecurity firm, Trend Micro.

Over the past few weeks, multiple companies expressed interest in buying Trend Micro and have entered negotiations with the company. In response, Trend Micro’s stock price shot up 16.05 percent and is currently sitting at the largest price point since 2000.

The company was originally founded in 1988 by Eva Chen, Steve Chang, and Jenny Chang and has since transitioned into cloud-based protections like endpoint security and cloud computing services. Since the transition, it’s continued to perform well in the current antivirus market.

In November, Trend Micro reported a net sales increase of 6 percent and a 42 percent bump in operating income. Despite their success, the company’s stock has largely underperformed compared to its largest international competitors, making it a prime acquisition target.

The company is worth 1.32 trillion yen ($8.54 billion), making it an enticing purchase for any firm. Bain Capital, KKR, Advent International, and EQT AB are among the firms participating in the negotiations.

If a deal were to go through, it would be among the world’s largest leveraged buyouts in recent months. Experts speculate that if the deal goes through, it signals a revival of private equity dealmaking after hiking interest rates and global policy shifts in the face of the COVID-19 pandemic hit the industry hard.

Trend Micro had been open to a deal since multiple firms expressed acquisition interest last year. At the moment, no deal has been confirmed.

The deal has also received a fair share of criticism.

“Selling to private equity would be a disaster for Trend Micro, its employees, customers, and the industry,” says Richard Stiennon, chief research analyst for IT-Harvest.

“While Trend Micro has never been an exciting stock to own, it has been one of the stalwarts of the cybersecurity industry. One of the few companies that is founder-led, Trend Micro has weathered many shifts in the industry that have destroyed its major competitors like Symantec and McAfee.”

Trend Micro and the equity firms involved in the negotiations refused to give any comments when asked by ChannelE2E, so fine details are still shrouded in mystery.