TTM Technologies, the Santa Ana, California-based maker of printed circuit boards and defence electronics, said on 19 October 2026 that it had agreed to buy the Ophir Optics business of MKS Inc. for about US$650m in cash.
Why TTM Technologies, Inc. is buying Ophir Optics business of MKS Inc.
Ophir Optics designs and manufactures high-precision infrared thermal imaging and laser optics, from optical components and assemblies through to camera integration, for defence, homeland security and industrial customers. TTM said the business would add advanced optical capabilities for its defence and industrial customers and expects the deal to be immediately accretive to its adjusted EBITDA margin and non-GAAP diluted earnings per share.
Deal terms and financing
The price represents roughly 10.3 times Ophir Optics' expected fiscal 2027 adjusted EBITDA, before synergies. TTM will fund the purchase from cash on hand, expected future cash flow and borrowings under its existing revolving credit facility, alongside a previously announced US$400m capacity expansion in Asia. MKS's separate Ophir Instruments laser characterisation business and the Ophir brand are not part of the sale.
Regulatory approvals and timing
Completion is subject to customary conditions, including certain regulatory approvals and governmental consents and permits, and is expected in the second quarter of 2027.
Market context
Ophir Optics' production facilities are in Israel and Romania. MKS acquired the Ophir business in 2016 as part of its purchase of Newport Corporation. Citi is TTM's exclusive financial adviser, with Polsinelli and Israel's Arnon, Tadmor-Levy as legal counsel.
