Mitsui Chemicals agrees to buy chip-materials maker JSR from JIC in ¥1.84 trillion deal with DBJ
The total includes ¥1.3921 trillion for the shares, of which DBJ funds ¥200 billion, plus ¥447.9 billion of debt; completion is targeted for the second half of the fiscal year ending March 2028.
Why it matters
JSR is one of the world's main photoresist suppliers, a material used to pattern advanced chips, and was taken private by the state-backed Japan Investment Corporation in 2024. Reports last week said JIC planned to sell it to Mitsui Chemicals; on Monday Mitsui's board approved a share purchase agreement valuing the deal at ¥1.84 trillion including debt, with the Development Bank of Japan co-investing ¥200 billion. Japanese media call it the largest deal in the country's chemicals industry. Completion depends on competition and foreign-investment approvals in Japan and abroad.
Key facts
- Total acquisition price ¥1.84 trillion
- Equity value ¥1.3921 trillion; DBJ funds ¥200 billion
- Interest-bearing debt and other ¥447.9 billion
- Sellers are JIC-managed investment funds
- Board approval and agreements signed November 9, 2026
- Closing targeted for second half of FY ending March 2028