MARKETS & INVESTING | Staff Reporter, Singapore

Temasek to purchase stakes in SoundCloud

The music streaming service is seeking some stabilisation.

Bloomberg Technology reported that Singapore investment firm Temasek Holdings is close to purchasing stakes in SoundCloud Ltd. with Raine Group.

The deal with Raine, a boutique bank that invested in Vice Media Inc. and advised Softbank Group Corp. on its acquisition of Sprint Corp., could close by the end of this week, said the people, who asked not to be identified discussing private negotiations.

Terms of the deals weren’t immediately available. Bloomberg reported late last week that SoundCloud was in talks to sell stakes to two firms. Billboard reported the Raine Group’s talks with SoundCloud earlier Tuesday.

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