Tencent Holdings has been floated as a potential, even likely buyer for a stake in Universal Music Group. But the latest rumors indicate that while the Chinese company is still interested, it may want to make the investment with partners.

Universal parent company Vivendi has been looking for a buyer to take as much as 50% of the music label. Vivendi began negotiations with Tencent in August to purchase a stake as high as 10%, with an option to buy another 10% later. According to Bloomberg, Tencent is now in discussions to make that move along with co-investors. Sources told the publication that Hillhouse Capital and Singapore’s sovereign wealth fund GIC Pte were among the potential partners Tencent reached out to. The unnamed sources said that Tencent aimed to make the stake purchase within a few months.

Collaborating on this deal would help Tencent defray the costs and risks of entering a deal with Vivendi. However, talks are still ongoing with the possible minority investors. Expect more on this story, as the sources said, in the months to come.