Mitsui Chemicals and the Development Bank of Japan agree to buy chip materials maker JSR
The deal for the No. 2 photoresist maker is valued at between $8.5 billion and $12 billion, depending on the account.
Mitsui Chemicals and the Development Bank of Japan will acquire chipmaking materials maker JSR from a state-backed fund, a filing shows2,3. JSR is a maker of photoresists and other semiconductor materials1. It is the second-largest maker of photoresists7.
Mitsui Chemicals said in a statement that the venture capital arm of the Development Bank of Japan will contribute 200 billion yen towards the deal5. The development bank is expected to take a 10% stake through nonvoting preferred shares to ease the burden on Mitsui, which also plans to issue new shares6.
Reported values for the transaction differ. One account puts the deal at $8.8 billion1. Another describes it as a record $8.5 billion Japanese chemical deal6. Other accounts value it at $11 billion, $11.6 billion or $12 billion2,4,5. The price has also been reported as 1.84 trillion yen7.
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Why it matters to investors
The purchase strengthens the buyers’ hold over a key supplier of chip materials4. JSR has been described as a chip linchpin, a reflection of its role in the semiconductor supply chain1,4.
The structure keeps a state-linked lender at the centre of the deal. The seller is a state-backed fund, and the Development Bank of Japan is both a co-buyer and, through its venture capital arm, a source of 200 billion yen in funding3,5. Its stake is to take the form of nonvoting preferred shares, a choice intended to ease the burden on Mitsui6.
Mitsui also plans to issue new shares as part of the financing6. Together, the share issue, the development bank’s preferred shares and the 200 billion yen contribution make up the funding plan described so far5,6.
What to watch
The gap between the reported values, from $8.5 billion to $12 billion, is the first point investors will look to the companies’ filings to resolve2,4,6. The filing cited in several reports values the deal at $11.6 billion2,8.
The terms of Mitsui’s new share issue, and the final split of funding between Mitsui and the Development Bank of Japan, are the next details to watch5,6. So is how the combined group uses JSR’s position as the number two photoresist maker7.
Sources
- Mitsui Chemicals to Acquire JSR With Development Bank of Japan for $8.8 Billion - WSJ, wsj.com (2026-11-09)
- Mitsui Chemicals and DBJ to buy JSR for $11.6 billion, filing shows - SRN News, srnnews.com (2026-11-09)
- Mitsui Chemicals and DBJ to buy JSR for $11.6 billion, filing shows - CNA, channelnewsasia.com (2026-11-09)
- Mitsui Chemicals to take over chip linchpin JSR for US$12 bil - The Edge Malaysia, theedgemalaysia.com (2026-11-09)
- Mitsui Chemicals to buy chip materials maker JSR for $11 bln - Yahoo Finance Singapore, sg.finance.yahoo.com (2026-11-09)
- Mitsui Chemicals to buy JSR in record $8.5B Japanese chemical deal | Dealroom.co, app.dealroom.co (2026-11-09)
- Mitsui Chemicals Pays ¥1.84T for JSR, No. 2 in Photoresists - FourWeekMBA, fourweekmba.com (2026-11-09)
- Mitsui Chemicals and DBJ to buy JSR for $11.6 billion, filing shows - Central Oregon Daily, centraloregondaily.com (2026-11-09)
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