TTM Technologies to buy MKS's Ophir Optics unit for $650 million
The all-cash deal excludes MKS's separate Ophir Instruments business and the Ophir brand name
Published
TTM Technologies has agreed to acquire the Ophir Optics business from MKS for approximately $650 million in cash, subject to customary closing adjustments. Ophir Optics is based in Israel and Romania and makes infrared thermal imaging and laser optics used by defense, security and industrial customers. The deal does not include MKS's separate Ophir Instruments laser characterization business or the Ophir brand itself.
TTM expects the transaction to close in the second quarter of 2027, pending regulatory approvals. The company says the acquisition will be immediately accretive to its adjusted EBITDA margin and to non-GAAP diluted earnings per share.
The purchase is TTM's third sizable acquisition in roughly a month, following a $1.1 billion deal for EPIQ's defense RF business and $400 million in organic spending on AI capacity. Together the moves push the company deeper into debt-funded expansion across defense and industrial optics at the same time. Unlike the EPIQ deal, which management has described as dilutive through 2027, the Ophir Optics purchase is framed as accretive from the start, even though the 2027 close date delays any clear read on its effect on leverage.
The acquisition adds a third claim on TTM's free cash flow just as the EPIQ debt and the AI capital spending are still being absorbed, leaving open how much further borrowing the company is prepared to take on before turning toward paying it down.