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.
The proposed sale could be agreed as early as November, marking a significant exit for JIC, which acquired JSR for approximately JPY900bn in 2024 as part of a strategy to consolidate Japan’s semiconductor materials industry. The potential valuation reportedly represents a substantial uplift on JIC’s original investment.
JSR is a leading producer of photoresists, specialist materials used in semiconductor manufacturing. Its valuation has benefited from growing demand for advanced chips driven by investment in artificial intelligence infrastructure.
Mitsui Chemicals, which has a market capitalisation of approximately JPY800bn, reportedly confirmed it was considering a potential acquisition but said no decision had been reached. Its shares fell 13% following the report amid concerns about the financing required for the transaction.
The proposed deal would rank among Japan’s largest chemicals-sector acquisitions and reflects growing consolidation in the semiconductor supply chain as manufacturers seek greater scale to meet rising global demand.
