Japan state fund to sell JSR to Mitsui Chemicals for $8.2 bln- Reuters

Japan Investment Corp plans to sell chipmaking materials maker JSR to Mitsui Chemicals in a transaction that may surpass 1.3 trillion yen ($8.20 billion), Reuters reported on Wednesday, citing two people with knowledge of the matter.

A final decision may be reached within the month, the report said. Reuters had earlier reported that JIC was considering selling JSR.

The state-backed fund purchased JSR approximately two years ago for around 900 billion yen. At the time, JIC stated it intended to use the company to lead consolidation efforts within the semiconductor materials sector.

JIC has now changed course and will sell JSR to a domestic chemical company. The fund is capitalizing on higher valuations for chip-related businesses driven by increased investment in artificial intelligence.