Financial details and other terms of the acquisition were not disclosed but DealStreetAsia founder and editor-in-chief Joji Thomas Philip said the media startup will continue to operate as an independently-managed entity and remains committed to tracking private equity and venture capital activity, deal flows, fundraising, and startups across Southeast Asia and India.
“Joining forces with Nikkei will help us accelerate our mission of helping the PE-VC industry and dealmakers understand the changing megatrends in this space,” Philip said in a statement.
Nikkei acquired the stake in the Singapore-headquartered financial news startup by buying out existing shareholders, including SPH Ventures, North Base Media, Alpha JWC, Ozi Amanat’s K2 VC, and SGAN.
Angel investors such as Paytm CEO and founder Vijay Shekhar Sharma and Rogers Holdings chairman Jim Rogers have also agreed to exit.
Indian business daily Mint, published by Hindustan Times, and DealStreetAsia’s Philip continue to be minority shareholders, according to a statement released by Nikkei.
With the acquisition, DealStreetAsia expects to collaborate across Nikkei’s publications and group of companies, such as the FT, Nikkei Asian Review, and scoutAsia, Philip said.
Nikkei said the deal deepens its coverage of the Asian startup ecosystem and tech industries, which it describes as the fastest-growing sectors in the region.
“Together, we will expand and deepen our reporting of the thriving Asian technology and startup landscape, with a strong focus on developing the editorial offering at Nikkei Asian Review, a key product in our global strategy,” according to Nikkei Inc president and CEO Naotoshi Okada.
Founded in 2014, DealStreetAsia reports on investments, mergers, acquisitions, private equity, venture capital, investment banking, and the business of startups across the Asian region. It has correspondents in Singapore, Indonesia, Malaysia, Vietnam, Thailand, the Philippines, Myanmar, and India.