The Financial Times is on a buying spree. Fresh from acquiring a controlling stake in The Next Web(TNW) the Nikkei-owned media house is all set to add Singapore-based Deal Street Asia to its stable, according to a report by TechCrunch. The deal is expected to be closed in April.
Deal Street Asia was founded by two Indian journalists Joji Thomas Philip and Sushobhan Mukherjee and it basically carries news about Asian startups and also updates from Asian financial markets and business verticals. Deal Street Asia has 12 journalists who are spread all across Southeast Asia and India and it also has a license to use content from wires. It is backed up well by some big names such as Singapore Press Holdings; Vijay Shekhar Sharma, the founder of Alibaba-backed Paytm; the Singapore Angel Network and Hindustan Times, which is a Deal Street Asia content partner.
The company didn’t disclose the amount that was raised as a result of the fundraising exercise, although TechCrunch wrote about an undisclosed round that happened in 2015.
The current deal is led by Nikkei, owner of The Financial Times and the company is planning to buy at least one-third of Deal Street Asia. But the total stake can also reach 51 percent depending on which owners decide to sell.
As per the TechCrunch report, the acquisition of Deal Street Asia is going to be similar to The Next Web one in many ways and the company is planning to add Deal Street Asia’s events calendar to its roster to make its foray into the conference scene in Southeast Asia.
The report further goes on to add that the company is actively looking for media startups across the globe and is looking for an effective way to bundle some of its acquisitions together.
Speaking about the proposed acquisition, a spokesperson from The Financial Times said:
“The FT is not involved in plans to acquire Deal Street Asia.”