Blackstone, a global alternative asset manager, renowned for its diverse investment portfolios, have signed a definitive agreement to acquire a majority stake in Sony Payment Services Inc. (SPSV), from Sony Bank.
The move to acquire the leading Japanese payment service provider allows Blackstone to broaden its private equity portfolio in the land of the rising sun, in the firm’s first foray into the nation.
The deal will see Sony Bank roll over a certain portion of its equity, but it will still continue to support the growth of SPSV as a minority investor.
In 1995, Sony Group launched its payment service venture, evolving it into an independent entity by 2006.
Now, SPSV stands as a premier payment service provider in Japan, delivering a robust and secure infrastructure essential for customers and businesses to swiftly and securely handle online payment transactions.
including private equity, real estate, life sciences, and growth equity. It focuses on creating long-term value for investors by enhancing the companies it invests in.
Sony Payment Services Inc. (SPSV) – A leading payment service provider in Japan, established by Sony Group in 1995. SPSV offers secure and high-speed payment infrastructure for individuals and businesses, playing a significant role in Japan’s cashless evolution.
The acquisition also signifies Blackstone’s first venture into Japan’s financial technology sector. It demonstrates a renewed partnership between Blackstone and Sony Group, tracing back to the inception of Blackstone, where Sony was among its earliest clients.
Steve Schwarzman, Chairman, Chief Executive Officer & Co-Founder, Blackstone, said, “Sony has been a longstanding partner to Blackstone. Our partnership goes all the way back to Blackstone’s founding nearly four decades ago – we started out as a boutique M&A firm, and Sony was one of our earliest clients. 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.”
Atsuhiko Sakamoto, Head of Private Equity, Blackstone Japan, said, “We are thrilled to invest in SPSV, one of Japan’s leading payment services providers and a well-established financial technology company, and expand our Japan Private Equity portfolio in “good neighborhoods” – sectors with strong secular growth. Digitisation of the economy is a key trend around the world including Japan, and SPSV is exceptionally positioned to benefit with its sophisticated technology and robust customer base. We’re committed to bringing our operational and technology expertise and scale to support SPSV’s growth.”
Kenichiro Yoshida, Chairman and CEO, Sony Group, said, “For the past 30 years, SPSV has led Japan’s cashless evolution, making payments safe and secure for customers. 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.”
Keiji Minami, President & Chief Executive Officer, Representative Director, Sony Bank, said, “SPSV has seen steady growth and gained the trust of customers by providing high-quality service. 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.”
Hidehiko Nakamura, President & Chief Executive Officer, Representative Director, Sony Payment Services, said, “SPSV has solidified a healthy market position and earned the trust of customers as a high-quality payment service provider. We believe this partnership with Blackstone 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.”
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