Sony Weighs Financial Arm IPO to Fuel Big Investment Push
- Company needs big investment in chips and content, COO says
- Shares rose as much as 7.3% in Tokyo after the announcement
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Sony Group Corp. is weighing a partial spinoff and separate listing for its financial unit in two to three years, a major decision aimed at bankrolling an investment push in gaming and electronics.
The Tokyo-based company will assess the spinoff plan, which would reverse a $3.7 billion take-private deal concluded in 2020, over the course of this fiscal year. It would aim to retain just under 20% of Sony Financial Group Inc. and sell its shares on a Japanese exchange, the company said in presentation materials accompanying a strategy briefing on Thursday.