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

MKS Inc. is selling a defense and industrial optics business. The supplier to semiconductor manufacturers said Monday it agreed to sell its Ophir Optics unit to TTM Technologies for $650 million in cash, subject to customary closing adjustments.

Ophir Optics makes high-precision infrared thermal imaging and laser optics for defense, security and industrial customers, with production in Israel and Romania, according to the companies' press releases filed with 8-Ks.

The two sides framed the price differently. MKS said it represents more than 18 times the unit's projected fiscal 2026 adjusted EBITDA. TTM put it at roughly 10.3 times expected fiscal 2027 adjusted EBITDA, before any synergies.

Why each side wants it

For MKS, the sale is a chance "to capitalize on the value we've created with the Ophir Optics business and further strengthen our balance sheet," President and CEO John T.C. Lee said. The business sits in MKS's Specialty Industrial market, outside its core semiconductor and electronics and packaging markets.

MKS is not selling everything with the Ophir name. Its Ophir Instruments laser characterization business, which provides laser power measurement and beam profiler products, stays with MKS, as does the Ophir brand itself.

TTM, which makes printed circuit boards, RF components and mission systems, said the deal adds optics for land, air, maritime and unmanned platforms. The company expects it to be immediately accretive to its adjusted EBITDA margin and non-GAAP diluted earnings per share.

Paying for it

TTM plans to fund the purchase, along with its previously announced $400 million capital and capacity expansion in Asia, through cash on hand, expected future cash flow and borrowings under its existing revolving credit facility.

The deal is expected to close in the second quarter of 2027 and requires certain regulatory approvals and governmental consents and permits, both companies said.

By the numbers

• Price: $650 million in cash
• MKS multiple: more than 18 times projected 2026 adjusted EBITDA
• TTM multiple: about 10.3 times expected 2027 adjusted EBITDA
• Excluded: Ophir Instruments and the Ophir brand
• Expected close: second quarter of 2027

Sources

1. MKS Inc., Form 8-K with Exhibit 99.1 press release, filed Oct. 19, 2026, accession 0001193125-26-424709
2. TTM Technologies, Inc., Form 8-K with Exhibit 99.1 press release, filed Oct. 19, 2026, accession 0001193125-26-424707

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