Blackstone to Acquire 80% Stake in Sony Payment Services

Blackstone will take a majority stake in a payment service provider under Sony Group for about US$280 million, a source familiar with the matter said.

The world’s largest alternative asset manager will buy 80 per cent of Sony Payment Services, said the source, who asked not to be identified because the matter is private.

A household name for its electronics and entertainment offerings, Sony Group also operates a financial services business which includes Sony Bank and its subsidiary Sony Payment. Sony Bank will keep a 20 per cent minority stake in the payment business, which is valued in total at 50 billion yen (S$466 million), the source said.

Shares of Sony Group were little changed in early Tokyo trading on Friday.

The deal comes as more Japanese corporations become open to selling off non-core business holdings, mainly to private equity investors eager to increase the value of the operations.

Sony Payment offers payment processing services for business clients, similar to Block's Square. In Japan, nearly two-thirds of payments are still made in cash, signalling the potential for the growth of electronic payments.

(Source: Bloomberg)