Office supplies retailer Staples (spls, +8.41%) looks like it’s about to be in what would be the biggest leveraged buyout of the year.

The private equity firm is set to pay at least $10 a share for Staples, the Wall Street Journal reported on Wednesday, citing unnamed sources. Reuters reported the price would be $10.25 and that the deal would be announced on Wednesday. A Staples spokesman did not immediately respond to a request from Fortune for comment.

The $6.5 billion is a fraction of what Staples was worth at its highest a decade ago, when its market cap was $19 billion. The price is a reflection of Staples’ dwindling fortunes in recent years as more and…