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According to an announcement by the US private equity firm, Blackstone has acquired a majority stake in Sony Payment Services (SPSV) from Sony Bank, a wholly owned subsidiary of the Sony Group. Sony Bank will roll over a portion of its shares and continue to support SPSV’s growth as a minority investor.
This is Blackstone’s first investment in Japan’s financial technology sector.
Sony Group established its payment services business in 1995 and became an independent company in 2006. Today, SPSV is one of Japan’s leading payment service providers, providing fast and secure infrastructure for customers and businesses to process online payments.
“Sony is a long-time partner of Blackstone. Our partnership dates back to the founding of Blackstone nearly 40 years ago. Sony was one of our earliest customers,” said Blackstone Chairman. Steve Schwartzman, CEO and co-founder, said in a statement.
Japan is the fourth largest electronic card payment market in the world, with a market penetration rate of 9.1%. SPSV is supported by Japan’s 227 trillion yen ($160.4 billion) e-commerce market and the rapid adoption of cashless payments around the world, the statement said.
Atsuhiko Sakamoto, Head of Private Equity at Blackstone Japan, said: “The digitalization of the economy is an important trend around the world, including in Japan, and SPSV is an extremely successful company that will benefit from its sophisticated technology and strong customer base. “We’re in an excellent position.”
“For the past 30 years, SPSV has led the evolution of Japan’s cashless society, making payments safe and secure for our customers,” said Kenichiro Yoshida, Sony Group Chairman and CEO. We believe that Blackstone, a long-standing partner of the Sony Group, can continue the legacy established by SPSV and support its next phase of growth.”
Blackstone’s existing private equity investments in Japan include the acquisition of Alinamin Pharmaceuticals (formerly Takeda Consumer Healthcare) and Ayumi Pharmaceuticals in large healthcare transactions.
Hidehiko Nakamura, President and CEO of Sony Payment Services, said: Japan’s electronic payment industry. ”
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