Mitsui Chemicals said on November 9 that it will acquire JSR, which develops and makes photoresists and other semiconductor materials, for ¥1.84 trillion, the largest M&A deal in the history of Japan's chemical industry.
Mitsui Chemicals will take all of JSR's common shares together with the Development Bank of Japan (DBJ), making JSR a consolidated subsidiary. The two companies combined would rank as a top-tier semiconductor materials maker in Japan by sales, Mitsui said.
The deal pools customer bases, product lines and technologies from both sides. Mitsui brings its Mitsui Pellicle for front-end processes and Ikros Tape for back-end processes. JSR brings advanced photoresists for front-end work and thick-film resists for back-end work.
The companies aim to strengthen development of advanced photoresists and to create new products that combine their technologies. They are targeting ¥40 billion a year in incremental profit by fiscal 2035 through growth and cost synergies.
Mitsui said it will pursue further realignment and alliances in semiconductors and other fields, using this transaction as a starting point.
How the deal is financed
Of the purchase price, ¥1.64 trillion will come from a bridge loan with major lender banks, and ¥200 billion from a DBJ investment. The companies aim to complete the transaction in the second half of fiscal 2027.