Spotify plotting SoundCloud takeover

Reports this morning suggest that Spotify are closing in on a €405 million deal to take over SoundCloud.
Founded in 2007 by Swede Alexander Ljung, the now Berlin-based SoundCloud was nearly bought two years by Twitter who settled instead for a stake in the streaming service, which claims to have 175 million free users.
Spotify, which has 30 million subscribers and close to 70 million free users, is locked in a battle with Apple Music and its 17 million paid subscribers and likely sees SoundCloud as a way of further outgunning its closest rival.
We'll keep you posted!