Ballistic Ventures targets $490 million across two new funds
The cybersecurity investor is seeking $360 million for its third flagship fund and $130 million for Ballistic Ventures Fund B. Neither had recorded sales when filed.
Japan's JIC plans to sell JSR to Mitsui Chemicals, sources say
The transaction could exceed ¥1.3 trillion, with a decision possible in November, people familiar with the matter said.
Mitsui Chemicals is the planned buyer of chipmaking materials producer JSR from state-backed Japan Investment Corp (JIC), according to two people familiar with the matter. They said the transaction's value could exceed ¥1.3 trillion.
One of the people said a decision was possible as early as November. Both sought anonymity because the information was not public. Requests for comment went unanswered by JIC, JSR and Mitsui Chemicals. Following a media report on the proposed sale, Mitsui Chemicals shares fell 7%.
The fund bought JSR two years ago for roughly ¥900 billion. JIC had said its plan was to make JSR a vehicle for consolidation among semiconductor materials businesses. JSR dates to 1957 and produces photoresists used in transferring circuit patterns to semiconductor wafers.
Mitsui Chemicals has been expanding its own chip materials business. Its market capitalization is about ¥800 billion. At the end of June, it held ¥217.8 billion in cash and equivalents, against interest-bearing debt of ¥876.4 billion. Its debt-to-equity ratio was 0.75.
The proposed purchase could rank among the Japanese chemicals industry's largest deals and exceed Showa Denko's acquisition of Hitachi Chemical in 2020. That transaction created Resonac Holdings.
Established in 2018, JIC invests in companies to help improve Japan's competitiveness and operates under the trade ministry's oversight. Its holdings include an investment in medical equipment manufacturer Topcon alongside private equity firm KKR.