Mitsui Chemicals to acquire JSR for 1.84 trillion yen... Plans for 100% voting rights after the transaction

Mitsui Chemicals has agreed to acquire all 102.24 million common shares of JSR held by two JIC Capital-managed funds, valuing the debt-inclusive deal at ¥1.84 trillion ($11.6 billion). The transaction also covers 1.87 million each of A- and B-class preferred shares held by Mizuho Bank and DBJ, which will convert to common stock, giving Mitsui Chemicals 100% of voting rights post-close. DBJ is contributing ¥200 billion to the joint acquisition, with its corresponding common shares to be converted into non-voting preferred stock after the deal. The buyout marks a major consolidation in Japan's semiconductor materials sector, where JSR is a leading photoresist supplier. Next, watch for regulatory approvals and the completion of the preferred-share conversion arrangements that determine the final ownership and governance structure.