Shares of Sealed Air climbed after The Wall Street Journal reported that buyout firm Clayton Dubilier & Rice is in talks to take the packaging-provider private, citing people familiar with the matter.

The stock rose 24% to $44.99 in overnight trading. Through market close, shares are up 7.5% this year.

Sealed Air has a market value of around $5.4 billion and a deal including a typical premium would value the company above that, the people said.

The deal could come together soon, though it remains possible talks could fall apart or another buyer could emerge, the people said.

Sealed Air provides packaging solutions such as Cryovac food wrap and Bubble Wrap cushioning for a range of industries.