Mitsui Chemicals agrees $11.6 billion purchase of chip-materials maker JSR

The planned acquisition is more than twice the size of a major 2020 Japanese chemicals deal. Mitsui intends to fund it with a 1.64 trillion yen bridge loan, bank borrowing, debt and mezzanine financing, plus an equity raise of up to 150 billion yen.

JSR makes photoresists used to transfer circuit patterns onto wafers. Mitsui says it will sell JSR’s life-sciences unit and other non-core assets, rebuild its finances within three years and target 40 billion yen in additional annual profit.