SoftBank Corp. is closing in on acquiring SP.LINKS Inc. after emerging as the preferred bidder for the Japanese payments provider owned by Blackstone Inc., in a deal valued at roughly $625 million. The transaction would give Blackstone a substantial return on an asset it purchased for about $250 million just over two years ago.

Blackstone acquired an 80% stake in SP.LINKS — formerly Sony Payment Services — from Sony Group in January 2024 for approximately ¥40 billion, with an enterprise valuation of ¥50 billion. The firm now targets a ¥100 billion valuation, more than doubling its entry price. At least one other private equity fund also reached the second bidding round.

SP.LINKS operates in the infrastructure layer of Japan's digital payments transition, providing backend services. For SoftBank, the acquisition would complement its existing SB Payment Service and strengthen its market position. The deal exemplifies Blackstone's carve-out strategy, buying non-core assets from corporations refocusing their portfolios.

If completed, the transaction could consolidate SoftBank's payment services and enhance competitiveness in Japan's evolving financial landscape. The valuation target reflects confidence in continued digital adoption, highlighting persistent investor interest in the payments sector as cash usage declines.