TTM Technologies buys MKS's Ophir Optics unit for $650 million

what happened

TTM Technologies has reached an agreement to purchase Ophir Optics from MKS in an all-cash transaction valued at roughly $650 million, according to TradingView and Dow Jones Newswires.

Ophir makes high-precision infrared thermal imaging systems and laser optics for defense, security and industrial clients, with operations in Israel and Romania. TTM says the purchase should lift its adjusted EBITDA margin and non-GAAP diluted earnings per share right away.

The price equals about 10.3 times Ophir's expected 2027 adjusted EBITDA before synergies. Closing is planned for the second quarter of 2027 and depends on standard conditions and regulatory approvals.

why it matters

The purchase widens TTM's offering for defense and industrial customers. Funding will come from cash on hand, future cash flow and borrowings under an existing revolving credit line, which together with a previously announced Asian expansion matters for assessing its debt load. For investors, the funding structure matters as much as the headline price, and any earnings effect will only show after the deal closes in 2027.

market impact

TTM Technologies and MKS shares: the deal reshapes both companies' asset mix and the cash flows behind them

tags

instruments