Japan’s JIC eyes $8.2bn JSR exit to Mitsui Chemicals
Japan’s state-backed investment fund Japan Investment Corporation (JIC) is preparing to sell semiconductor materials manufacturer JSR to Mitsui Chemicals in a transaction potentially exceeding JPY1.3trn, according to a report by Reuters, citing people familiar with the matter.
Japan’s state investment fund, Japan Investment Corporation (JIC), is reportedly considering a sale of semiconductor materials company JSR to Mitsui Chemicals, with a potential deal value of over JPY1.3 trillion, according to a Reuters report citing sources familiar with the matter. The transaction could be finalized by November, marking a significant exit for JIC, which acquired JSR for approximately JPY900 billion in 2024 as part of its strategy to consolidate Japan's semiconductor materials industry.
JSR is a key producer of photoresists, specialized materials crucial for semiconductor manufacturing, and its valuation has surged due to the rising demand for advanced chips, fueled by investments in artificial intelligence infrastructure. Mitsui Chemicals, valued at around JPY800 billion, has acknowledged the possibility of an acquisition but has not yet reached a decision.
Its shares dropped by 13% following the report, reflecting concerns over the financing needed for the transaction. The proposed deal would be among Japan's largest in the chemicals sector, highlighting the ongoing consolidation in the semiconductor supply chain as manufacturers strive for greater scale to meet escalating global demand.
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