Mitsui Chemicals and DBJ to buy JSR for $11.6 billion, filing shows
FILE PHOTO: Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration/File Photo
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TOKYO, Nov 9 : Mitsui Chemicals and the Development Bank of Japan (DBJ) will acquire chipmaking materials maker JSR from state-backed fund Japan Investment Corp (JIC) for 1.84 trillion yen ($11.61 billion), a filing showed on Monday.
The deal is among the largest in the sector and stands to reshape Japan’s chip supply chain as the government moves to boost its competitiveness. It is more than double Showa Denki’s $4.55-billion acquisition of Hitachi Chemical in 2020.
Mitsui Chemicals will sell shares worth up to 150 billion yen to help finance the transaction, the filing showed, taking out a a bridge loan of 1.64 trillion yen, to be partially paid back through the equity raise, the filing showed.
DBJ will invest 200 billion yen.
Shares of Mitsui Chemicals were trading down around 13 per cent on Monday at about 1,500 yen each, following last week’s fall of more than 10 per cent after Reuters first reported that it was the final buyer for JSR.
($1=158.4500 yen)
Source: Reuters
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