Monitor Q2 2027 for deal close and integration updates; watch for regulatory approvals and any financing details from the revolver draw. The $400M Asia expansion combined with this acquisition signals significant capital deployment — track leverage ratios and cash flow in upcoming quarters.
Price Chart
Executive Summary
TTM Technologies announced the acquisition of MKS Inc.'s Ophir Optics business for ~$650M in cash, adding high-precision infrared thermal imaging and laser optics capabilities for defense and industrial markets. The deal is expected to close in Q2 2027, funded by cash on hand, future cash flow, and revolver borrowings, and is projected to be immediately accretive to Adjusted EBITDA margin and Non-GAAP EPS.
Key Financial Metrics
Key Facts
- Acquisition of Ophir Optics from MKS Inc. for ~$650 million in all-cash transaction
- Transaction multiple ~10.3x expected FY 2027 Adjusted EBITDA of Ophir Optics, without synergies
- Expected to close in Q2 2027, subject to regulatory approvals and customary conditions
- Expected to be immediately accretive to TTM's Adjusted EBITDA Margin and Non-GAAP Diluted EPS
- Funding via cash on hand, future cash flow, and borrowings under existing revolving credit facility
- Citi serving as exclusive financial advisor; Polsinelli PC and Arnon, Tadmor-Levy as co-legal advisers
Financial Impact
$650 million acquisition at ~10.3x expected FY 2027 Adjusted EBITDA, immediately accretive to margins and EPS
Risk Factors
- Regulatory approvals and governmental consents may delay or block the transaction
- Integration risks combining optics manufacturing with existing PCB/RF operations
- Leverage increase from debt-funded acquisition could pressure credit metrics
- Forward-looking EBITDA multiple based on unverified FY 2027 projections
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3383408 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Press Release | $87.51 | awaiting T+20 | — | $85.50 (−2.30%) |
Oct 22, 2026 5d ago | 8-K | $73.89 | awaiting T+20 | — | $85.50 (+15.71%) |
Oct 19, 2026 8d ago | 8-K | $99.10 | awaiting T+20 | — | $85.50 (−13.72%) |
Oct 19, 2026 8d ago | Press Release | $99.10 | awaiting T+20 | — | $85.50 (−13.72%) |
Oct 13, 2026 14d ago | 8-K | $116.10 | awaiting T+20 | — | $85.50 (−26.36%) |
Sep 10, 2026 6w ago | 8-K | $126.44 $121.01 | ▼ −4.29% | ▼ −6.16% | $85.50 (−32.38%) |
Sep 9, 2026 7w ago | GOVT-CONTRACT | $122.34 $117.50 | ▼ −3.96% | ▼ −6.08% | $85.50 (−30.11%) |
Aug 25, 2026 9w ago | Insider Cluster | $121.70 $124.02 | ▲ +1.91% | ▲ +0.70% | $85.50 (−29.75%) |
Aug 17, 2026 10w ago | Press Release | $140.98 $112.46 | ▼ −20.23% | ▼ −18.25% | $85.50 (−39.35%) |
Jun 29, 2026 17w ago | Insider Cluster | $186.80 $131.41 | ▼ −29.65% | ▼ −29.37% | $85.50 (−54.23%) |
US Market Status
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