MKS to sell Ophir Optics to TTM for $650 million in cash

what happened

MKS Inc. has entered a definitive agreement to sell its Ophir Optics business to TTM Technologies for $650 million in cash. According to GlobeNewswire, MKS values the business at more than 18 times its projected Adjusted EBITDA for fiscal 2026.

TTM describes the purchase as an all-cash deal of about $650 million, to be funded from existing cash, future cash flow and revolving credit borrowings. The company expects the acquisition to be immediately accretive to Adjusted EBITDA margin and non-GAAP earnings per share. TTM estimates the purchase multiple at roughly 10.3 times 2027 Adjusted EBITDA.

Closing is planned for the second quarter of 2027 and is subject to customary approvals.

why it matters

For MKS, the sale removes a non-core asset and brings in cash that could ease debt and sharpen focus on its semiconductor and electronics businesses. For TTM, the key questions are the timing of closing, the financing structure and whether the promised earnings boost materializes after integration. Investors will watch how the proceeds are used and whether guidance changes.

market impact

MKS and TTM shares: the deal shifts balance sheets and debt levels, with earnings effects stretched to 2027.

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