Blackstone is moving ahead with a potential sale of its Japanese payments company SP.LINKS Inc, with SoftBank Corp among the bidders progressing to the next stage, according to a report by Bloomberg citing unnamed people familiar with the matter.
The US private equity firm is targeting a valuation of around JPY100bn ($625m) for the business, which operates in Japan’s rapidly expanding cashless payments market. Second-round bids are expected around mid-July, with a private equity fund also understood to be in contention.
Blackstone acquired an 80% stake in the business – formerly Sony Payment Services – from Sony Group in early 2024 for approximately JPY40bn. Sony Bank retains the remaining 20% stake, and the final transaction value could vary depending on whether that minority holding is included in a future deal.
The potential exit comes amid sustained growth in Japan’s digital payments sector, where cashless transactions have steadily increased as consumer adoption accelerates. The segment has become increasingly attractive to investors, with payment processors benefiting from rising transaction volumes and structural shifts away from cash.
SP.LINKS competes in a crowded domestic market that includes established players such as GMO Payment Gateway and SoftBank-backed SB Payment Service, which already operates in overlapping segments.
The deal process highlights continued private equity activity in Japan’s financial technology space, where strategic buyers and sponsors are both competing for assets tied to long-term digitalisation trends.
Blackstone originally acquired its majority stake in 2024 at an enterprise valuation of roughly JPY50bn, positioning a potential sale at more than double that level if the current asking price is achieved.
