FT parent Nikkei acquires Deal Street Asia

Financial Times parent Nikkei has acquired Singapore-based new media startup Deal Street Asia for an undisclosed amount, reports Jon Russell of TechCrunch.

Russell reports, “Initially, we reported that the deal valued Deal Street Asia at around the $5 million mark, but we now understand that the valuation is between $5 million and $10 million. The arrangement will see Nikkei take a majority stake in the business, which includes buying out existing investors and making a separate capital investment into Deal Street Asia worth around $3 million, according to what we’ve heard.

“Launched in 2014, Deal Street Asia never disclosed its funding total, but its backers include Singapore Press Holdings,  North Base Media, Alpha JWC, K2 VC, SGAN and Hindustan Times, the Indian media firm that operates Mint, which is a Deal Street Asia content partner. Its angel investors include Vijay Shekhar Sharma — the founder of Alibaba-backed Paytm  — the Singapore Angel Network and Rogers Holdings chairman Jim Rogers.

“Deal Street Asia confirmed that all of those agreed to sell with the exception of Mint, which ‘continues to be a minority shareholder.’ We understand that all investors enjoyed a positive outcome from the deal, so Mint’s continued involvement is down to strategy, not any kind of issue on Deal Street Asia’s side, a source disclosed.”

Read more here.