TTM Technologies agreed to buy MKS Inc.’s Ophir Optics business for about $650 million, adding infrared imaging and laser optics products as the companies target a second-quarter 2027 closing.
The companies announced the agreement Oct. 19. The cash price may change through adjustments at closing, and completion depends on regulatory approvals and other conditions. Ophir Optics makes products for defense, security and industrial applications, and has production facilities in Israel and Romania. TTM said the purchase will add optical components and assembled systems to its offerings.
The companies used different forecast years to describe the price. MKS put it at more than 18 times Ophir Optics’ projected adjusted EBITDA for fiscal 2026. TTM estimated about 10.3 times expected fiscal 2027 adjusted EBITDA, excluding synergies. Since the ratios use separate fiscal years, they refer to different earnings periods. TTM forecasts the acquisition will immediately lift its adjusted EBITDA margin and non-GAAP earnings per diluted share.
MKS said the sale would strengthen its balance sheet. The agreement leaves MKS with the Ophir brand and its separate Ophir Instruments laser-characterization business. TTM’s funding plan covers the acquisition and a previously announced $400 million capacity expansion in Asia. It expects to draw on cash on hand, future cash flow and its existing revolving credit facility; the company has not specified how much it may borrow for the purchase.
TTM is scheduled to release its third-quarter 2026 results before the market opens Oct. 22, then hold a conference call at 8:30 a.m. ET. The companies expect the transaction to close in the second quarter of 2027 if the required conditions are met.
