TTM Technologies has agreed to acquire the Ophir Optics business from MKS Inc. for approximately $650 million in cash, subject to customary closing adjustments. Ophir Optics, based in Israel and Romania, makes high-precision infrared thermal imaging and laser optics for defense, security and industrial customers.
The two companies describe the price differently. TTM puts the multiple at roughly 10.3x expected fiscal 2027 Adjusted EBITDA for the business, without synergies. MKS cites an estimated multiple of over 18x projected fiscal 2026 Adjusted EBITDA. TTM expects the purchase to be immediately accretive to its Adjusted EBITDA margin and non-GAAP diluted EPS. It plans to pay with cash on hand, expected future cash flow and borrowings under its existing revolving credit facility, a financing plan that also covers its previously announced $400 million capital and capacity expansion in Asia.
The sale does not include Ophir Instruments, the MKS laser characterization business that supplies laser power measurement and beam profiler products. MKS says that unit operates separately and that its customers will see no change in products, services or support. The Ophir brand is not part of the sale either. For metrology and laser QA engineers, the split means the measurement instruments stay with MKS while the optics move to TTM.
Edwin Roks, president and chief executive officer of TTM, said the deal adds "another important modality" to the company's offering, which spans mission systems, RF components and interconnect products such as PCBs and substrates. He pointed to growing demand for surveillance and increasing use of lasers in industry. John T.C. Lee, president and chief executive officer of MKS, said the business shows how MKS can apply its technology outside its core semiconductor and electronics and packaging markets. He added that TTM is "well positioned to support this business in its next phase of growth."
Ophir Optics supplies components and assemblies for land, air, maritime and unmanned platforms. Its work runs from optics through camera integration, and from initial design to final testing. The transaction still needs regulatory approvals and certain governmental consents and permits before it can close.
