Watch for regulatory approval milestones and any financing updates ahead of the expected Q2 2027 close. The defense-oriented optics acquisition diversifies TTM's revenue base and adds a high-margin modality, but the $650M cash outlay and concurrent $400M Asia capex program will increase leverage — monitor debt covenant disclosures in subsequent filings.
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Executive Summary
TTM Technologies announced a definitive agreement to acquire the Ophir Optics business from MKS Inc. for approximately $650 million in an all-cash transaction. The acquisition is expected to close in Q2 2027 and is immediately accretive to adjusted EBITDA margin and non-GAAP diluted EPS, funded through cash on hand, future cash flow, and borrowings under its existing revolver.
Key Facts
- Purchase price of approximately $650 million in all-cash transaction
- Transaction multiple estimated at roughly 10.3x expected FY 2027 Adjusted EBITDA of Ophir Optics, without synergies
- Expected to close in Q2 2027, subject to customary closing conditions and regulatory approvals
- Expected to be immediately accretive to TTM's Adjusted EBITDA Margin and Non-GAAP Diluted EPS
- Funding via cash on hand, expected future cash flow, and borrowings under existing revolving credit facility
- Ophir Optics is an Israel and Romania-based manufacturer of high-precision infrared thermal imaging and laser optics solutions for defense, security, and industrial applications
- Citi serving as exclusive financial advisor; Polsinelli PC and Arnon, Tadmor-Levy as co-legal advisers
Financial Impact
$650 million all-cash acquisition at ~10.3x expected FY 2027 Adjusted EBITDA; immediately accretive to Adjusted EBITDA margin and non-GAAP diluted EPS
Risk Factors
- Regulatory approval risk, including CFIUS and other governmental consents
- Integration risk and execution of cross-border operations in Israel and Romania
- Increased leverage from funding both the acquisition and the previously announced $400M Asia capacity expansion
- Closing expected in Q2 2027, leaving ~6 months of execution uncertainty
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-424707 |
| Document: d187690dex991.htm | 0001193125-26-424707 |
| Document: 0001193125-26-424707-index-headers.html | 0001193125-26-424707 |
| Document: 0001193125-26-424707-index.html | 0001193125-26-424707 |
| Document: 0001193125-26-424707.txt | 0001193125-26-424707 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Press Release | $87.51 | awaiting T+20 | — | $86.78 (−0.83%) |
Oct 22, 2026 5d ago | 8-K | $73.89 | awaiting T+20 | — | $86.78 (+17.44%) |
Oct 19, 2026 8d ago | 8-K | $99.10 | awaiting T+20 | — | $86.78 (−12.43%) |
Oct 19, 2026 8d ago | Press Release | $99.10 | awaiting T+20 | — | $86.78 (−12.43%) |
Oct 13, 2026 14d ago | 8-K | $116.10 | awaiting T+20 | — | $86.78 (−25.25%) |
Sep 10, 2026 6w ago | 8-K | $126.44 $121.01 | ▼ −4.29% | ▼ −6.16% | $86.78 (−31.37%) |
Sep 9, 2026 7w ago | GOVT-CONTRACT | $122.34 $117.50 | ▼ −3.96% | ▼ −6.08% | $86.78 (−29.07%) |
Aug 25, 2026 9w ago | Insider Cluster | $121.70 $124.02 | ▲ +1.91% | ▲ +0.70% | $86.78 (−28.69%) |
Aug 17, 2026 10w ago | Press Release | $140.98 $112.46 | ▼ −20.23% | ▼ −18.25% | $86.78 (−38.45%) |
Jun 29, 2026 17w ago | Insider Cluster | $186.80 $131.41 | ▼ −29.65% | ▼ −29.37% | $86.78 (−53.54%) |
US Market Status
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