Blackstone set to acquire majority stake in Japan’s Sony Payment Services
Global alternative asset manager Blackstone, through its managed private equity funds, is set to acquire a majority stake in Sony Payment Services Inc. (SPSV) from Sony Bank, a wholly-owned subsidiary of Sony Group.
Blackstone to acquire majority stake in Sony Payment Services
As part of the deal, which marks Blackstone’s first investment in Japan’s fintech sector, Sony Bank will roll over a certain portion of its equity and will continue to remain a minority investor in SPSV.
Established by Sony Group in 1995, SPSV became a standalone firm in 2006, offering payment infrastructure for both consumers and businesses to process online payments.
Commenting on the deal, Steve Schwarzman, chairman, CEO and co-founder of Blackstone, recalls how its partnership with Sony dates back to Blackstone’s founding almost 40 years ago, adding that the agreement will “deepen our presence in the country, a key market for Blackstone”.
Keiji Minami, president and CEO, representative director, Sony Bank, describes how SPSV, through its services, has seen “steady growth and gained the trust of customers”.
“With the accelerated shift towards cashless payments and increasing diversification in payment types, it’s more important than ever to adapt to new trends with greater speed. We believe that Blackstone is the best partner, bringing a global perspective and its expertise and network in the payment business.”
Adding to that, Hidehiko Nakamura, president and CEO, representative director, Sony Payment Services, says the partnership “will boost SPSV’s capabilities through investments in IT and talent to help accelerate its growth journey, particularly at an exciting time of growth for the electronic payment industry in Japan”.
