Blackstone is reportedly considering the sale of SP.LINKS, its Japan-based payments services provider.
The process could deliver a profit a little more than two years after Blackstone bought the company, Bloomberg reported, citing people familiar with the matter.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
A bidding process is under way.
SoftBank Group’s telecom unit SoftBank Corp. is among the parties that have advanced to the second round, the report said. A private equity fund is also on the short list.
Second-round bids may be submitted around mid-July, according to the report. Blackstone is seeking a price of about Y100bn ($625m) for the asset.
Blackstone acquired an 80% stake in the former Sony Payment Services from Sony Group in January 2024 for about Y40bn. Sony Bank, a unit of Sony Financial Group, retained a 20% stake. This implied an enterprise value of about Y50bn at the time.
The final acquisition price may vary depending on whether Sony Bank agrees to sell its stake as part of the deal.
Japan’s cashless payments market has been expanding as more consumers use electronic payment services.
Cashless payments reached 58% of transactions in 2025, up from 53% in 2024 and 17% in 2010, according to the country’s Ministry of Economy, Trade and Industry. The ministry data also shows cashless transaction value totalled about Y163trn in 2025, up from about Y86trn five years earlier.
Earlier this year, PayPay, another Japanese digital payments firm also backed by SoftBank, raised $879.8m in its US initial public offering (IPO).
This was said to be the largest US stock market listing by a Japanese company in a decade.
