SoftBank advances as preferred bidder for SP.LINKS acquisition in $625M payments deal

SoftBank is closing in on a deal to acquire SP.LINKS Inc., a Japanese payments services provider currently owned by Blackstone, after emerging as the preferred bidder in what’s shaping up to be a $625 million transaction.

The deal, if completed, would hand Blackstone a tidy return on a company it picked up for roughly $250 million just over two years ago.

The deal taking shape

SP.LINKS, formerly known as Sony Payment Services, landed on the market after Blackstone decided to cash in on what appears to be a successful turnaround play. Blackstone acquired an 80% stake in the company from Sony Group in January 2024 for approximately ¥40 billion, which was around $250 million at the time. The enterprise valuation of SP.LINKS at the time of that acquisition was ¥50 billion.

Now the firm is targeting a valuation of roughly ¥100 billion, or about $625 million — more than double the enterprise value it paid when it bought in.

SoftBank Corp., the telecom and technology arm of the broader SoftBank Group, advanced through competitive rounds to reach its current position. At least one other private equity fund also made it to the second round of bidding.

Why payments, why now

SP.LINKS sits in the infrastructure layer of Japan’s payments transition, providing the backend services that make digital payments work. For SoftBank Corp., the acquisition would build on its existing SB Payment Service, potentially consolidating its position and expanding its service offerings in the market.

Blackstone’s playbook in action

The SP.LINKS deal reflects Blackstone’s approach to carve-out transactions. The private equity firm bought a non-core asset from Sony Group, which has been refocusing its portfolio around content, gaming, and image sensors. Blackstone is now targeting a sale at more than double the ¥50 billion enterprise value it paid at acquisition.

What this means for investors

Should SoftBank succeed in acquiring SP.LINKS, it could consolidate its payment services and enhance its competitiveness against other financial service providers in Japan. Blackstone’s ¥100 billion valuation target — against a ¥40 billion acquisition price for its 80% stake — reflects confidence in continued digital adoption across Japan’s economy. The transaction highlights persistent investor interest in the payments sector as digital transactions gain momentum in a market where cash usage, while declining, still represents a significant portion of transactions.

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