Global investment firm Blackstone has announced a significant move in Japan’s financial technology (fintech) sector, with its private equity funds entering into a definitive agreement to acquire a majority stake in Sony Payment Services Inc. for an undisclosed amount.
Blackstone will acquire Sony Payment from Sony Bank, a wholly-owned subsidiary of Sony Group, which will retain a part of its equity as a minority investor. This transaction marks Blackstone’s inaugural investment in Japan’s fintech sector.
Established as a business unit within Sony Group in 1995 and spun off as an independent entity in 2006, SPSV is today one of Japan’s top payment service providers. It offers a robust and high-speed infrastructure that facilitates secure online payments for customers and businesses.
Steve Schwarzman, Chairman, CEO, and Co-Founder of Blackstone, highlighted the long-standing relationship between Sony and Blackstone, tracing back to Blackstone’s early days. He expressed pride in partnering again with a leading Japanese corporation, underscoring Japan’s importance in Blackstone’s global strategy.
“We are proud to once again partner with a leading corporation in Japan and deepen our presence in the country, a key market for Blackstone where we’ve cultivated valuable relationships based on trust and shared success,” he said.
Atsuhiko Sakamoto, Head of Private Equity at Blackstone Japan, conveyed enthusiasm for investing in SPSV, acknowledging its position as a key player in the payment services sector. He emphasized Japan’s digitalization trend and SPSV’s strong potential for growth, with Blackstone committed to supporting its expansion.
Kenichiro Yoshida, Chairman and CEO of Sony Group, recognized SPSV’s three-decade role in advancing Japan’s cashless payments and expressed confidence in Blackstone’s ability to support SPSV’s future development.
“We believe Blackstone, a long- standing partner of Sony Group, can help continue the legacy that SPSV has formed and support its next phase of growth,” Yoshida added.
Keiji Minami, President and CEO of Sony Bank, noted SPSV’s growth and customer trust, highlighting the increasing importance of adapting to the cashless payment trend. He identified Blackstone as an ideal partner for SPSV, given its global perspective and expertise in the payment industry.
Hidehiko Nakamura, President and CEO of Sony Payment Services, spoke of SPSV’s strong market position and customer trust. He believes the partnership with Blackstone will enhance SPSV’s capabilities, particularly at a crucial growth juncture for Japan’s electronic payment industry.