Spotify is no longer considering to buy SoundCloud, The Verge said citing reports from the Financial Times and TechCrunch.

The news comes after earlier reports in September that Spotify was in advanced talks to acquire SoundCloud in an effort to both boost its streaming catalog and eliminate a competitor from the streaming landscape.

A source for the Financial Times claims that the deal was abandoned as Spotify prepares for an IPO sometime next year, something that the streaming company did not want encumbered by the costs and licensing issues of an acquisition. All in all, it’s a sensible move from Spotify, given that the benefits of the deal seemed to be far outweighed by the cost (SoundCloud was last valued at $700 million), especially as the streaming service heads toward an IPO in 2017, The Verge said.