Media company Financial Times is set to acquire Singapore-based online business news platform DealStreetAsia in a deal that would enable another media company, Hindustan Times, to exit, TechCrunch has reported.
Founded in 2014, DealStreetAsia provides a range of business and finance news covering areas such as venture capital, private equity, public markets and real estate investment.
Nikkei, which owns FT, would acquire a 33% stake in the company as part of the prospective deal, a source told TechCrunch, though it could potentially reach 51%, in a deal that would be at least $5m in size. The transaction is expected to close later this month.
The company had raised an undisclosed amount of pre-series A funding from Hindustan Times as well as Singapore Angel Network, which operates as a branch of diversified holding company Thakral Group of Companies, and angel investor Vijay Shekhar Sharma in 2015.
Other investors in DealStreetAsia include SPH Ventures, the corporate venturing arm of media company Singapore Press Holdings.
