From Startup Fortune · · 1m 30s
Mitsui Chemicals buys JSR for 1.84 trillion yen
Mitsui Chemicals acquires JSR, world's top photoresist maker, in 1.84 trillion yen deal.
In brief
Mitsui Chemicals acquires JSR, world's top photoresist maker, in 1.84 trillion yen deal. Mitsui Chemicals agreed to buy JSR Corporation for 1.84 trillion yen, making it the largest acquisition in Japan's chemical industry history. Originally reported by Startup Fortune.
Mitsui Chemicals acquires JSR
Mitsui Chemicals agreed to buy JSR Corporation, one of the world's two biggest photoresist makers, for 1.84 trillion yen.
Deal details
The seller is JIC Capital, Japan Investment Corporation's arm that took JSR private in 2024, with closing expected in Q2 2027.
Funding strategy
Mitsui secured a 1.64 trillion yen bridge loan from banks and 200 billion yen from Development Bank of Japan for the deal.
Profit target
Mitsui aims for 40 billion yen annual profit by 2035 and to become Japan's largest semiconductor materials supplier by sales.
Why photoresist matters
Photoresist is the coating used in EUV lithography for the finest AI chip circuits, where defects cause entire chip failures.
JSR's market position
JSR holds second place globally in photoresist, qualifying for the most expensive chip factories with minimal supplier switching.
JIC's exit strategy
JIC paid 900 billion yen for JSR in 2024, and Mitsui's deal doubles that value including debt, keeping Japan's materials sector under domestic control.
Regulatory hurdles
China's market regulator approval is critical as JSR sells into Chinese fabs, with approvals from multiple jurisdictions delaying JIC's original purchase.
The key point
Mitsui Chemicals agreed to buy JSR Corporation for 1.84 trillion yen, making it the largest acquisition in Japan's chemical industry history.
