DocuSign Inc DOCU shares surged in afternoon trading Thursday following a report suggesting multiple private equity firms are competing to acquire the company.
What To Know: According to a Reuters report citing people familiar with the matter, Bain Capital and Hellman & Friedman are currently competing to acquire DocuSign, which has a current market cap of about $12 billion.
The pair of firms are the final bidders in an ongoing auction for DocuSign in what could be one of the biggest leveraged buyouts of the year. Blackstone was reportedly interested but is no longer in contention in the bidding process.
The Wall Street Journal reported that DocuSign was exploring a potential sale in December, but did not name any suitors.
Thursday’s report indicates that an official announcement regarding a DocuSign takeover deal is expected in the coming weeks. The sources noted that an acquisition is not guaranteed.
DocuSign offers broad cloud-based software that enables users to automate the agreement process and provide e-signatures from almost any device.
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DOCU Price Action: DocuSign shares were up more than 50% over the last three months. The stock closed Thursday up 9.34% at $61.35 following an afternoon surge, according to Benzinga Pro.
Photo: Joshua Woroniecki from Pixabay.
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