# TTM Technologies (TTMI): Agrees to buy Ophir Optics from MKS for about $650m in cash

> TTM Technologies, a US maker of circuit boards, has agreed to buy the Ophir Optics business, which makes infrared thermal-imaging and laser lenses…

- URL: https://centiview.com/post/ttm-technologies-ttmi-buys-ophir-optics-from-mks-for-650m
- Published: 2026-10-19T17:30:00.000Z
- Sectors: Technology & AI
- Region: US
- Ticker: TTMI
- Sentiment (opinion, not a recommendation): neutral
- Publisher: Centiview (Persie Ltd, London)
- General information only, not financial advice

TTM Technologies, a US maker of circuit boards, has agreed to buy the Ophir Optics business, which makes infrared thermal-imaging and laser lenses, from MKS Inc. for about $650m in cash. The two companies describe the price differently: over 18 times Ophir's projected 2026 earnings (MKS) or about 10.3 times its expected 2027 earnings (TTM). Completion is expected in the second quarter of 2027.

## What happened

On Monday 19 October 2026, TTM Technologies (Nasdaq: TTMI) and MKS Inc. (Nasdaq: MKSI) each announced, in SEC filings and press releases, that TTM will buy MKS's Ophir Optics business for approximately $650m in cash, subject to customary closing adjustments. Ophir Optics makes lenses and assemblies that let cameras see heat and that shape laser beams, sold for defence, homeland security and industrial uses, with production in Israel and Romania. MKS keeps Ophir Instruments, a separate laser-measurement unit, and the Ophir brand. Closing is expected in the second quarter of 2027, subject to regulatory approvals and government consents. TTM will pay from cash, future cash flow and its existing revolving credit facility, a standing loan it can draw on. Investing.com reported that before the US market opened, MKS shares were up 6.1% and TTM up 6.4%; these are early moves, not closing prices.

## The numbers, explained

The key figure is the multiple: the price divided by a measure of yearly earnings, showing how many years of earnings the buyer pays for. Both firms use adjusted EBITDA, a company-defined operating profit before interest, tax and depreciation. MKS says $650m is "over 18x" Ophir Optics' projected 2026 figure; our working: 650 divided by 18 is about $36m, so the figure is below roughly $36m. TTM says about 10.3 times its expected 2027 figure, before savings from combining the firms; 650 divided by 10.3 is about $63m. Neither company published Ophir's earnings, so both are our back-calculations. The gap may reflect different years, different adjustments, or both; the releases do not say.

Size helps. In the quarter to 29 June 2026, TTM reported sales of $1,004.1m against $730.6m a year earlier, up 37.4% (1,004.1 divided by 730.6), with adjusted EBITDA of $166.8m, or 16.6% of sales, and $507.9m of cash. The price is therefore $142.1m above its cash at that date. MKS reported revenue of $1,248m against $973m, up 28.3%, GAAP (standard accounting) net income of $175m and adjusted EBITDA of $358m. Its Specialty Industrial market, which includes Ophir Optics, had sales of $313m, up 13.8% from $275m a year earlier. At 30 June MKS had $1.5bn of secured term loan and $1.4bn of convertible notes (bonds that can become shares); $650m is about 22% of that $2.9bn, though MKS said only that the sale will help "further strengthen our balance sheet", not that it will repay debt.

## Why it matters

TTM makes the complex printed circuit boards inside aircraft, servers, medical devices and vehicles. Buying a lens and thermal-imaging maker moves it up the supply chain, so it could sell optics as well as the electronics behind them; its chief executive, Edwin Roks, said the deal "adds another important modality to our product offering with advanced optics". For defence customers that may mean fewer suppliers to deal with; for optics rivals, a larger competitor. MKS, which makes tools used to manufacture chips and circuit boards, says it wants to sharpen its focus on semiconductor manufacturing and electronics packaging. TTM expects the deal to be immediately accretive, meaning it should lift adjusted EBITDA margin and adjusted profit per share from completion; that is a company expectation, not a result. Ophir Optics' sales, profit and headcount, and TTM's debt after the deal, were not disclosed.

## What to watch next

Both companies expect closing in the second quarter of 2027 (April to June), subject to regulatory approvals; neither filing we read said when the full purchase agreement, with any break fee, would be filed. TTM's third-quarter 2026 guidance, issued in August and excluding pending acquisitions, is for sales of $1.10bn to $1.14bn and non-GAAP profit of $1.21 to $1.27 a share; MKS guides to third-quarter revenue of $1,350m, plus or minus $40m. Their actual results, due after the quarter ends, will show how each company is trading before completion. We make no prediction about any of these.

> **Why it matters** A US maker of circuit boards for defence and AI computers is buying a thermal-imaging lens business, while the seller refocuses on chip equipment; the two sides describe the price very differently (over 18 times versus about 10.3 times earnings).

> **What we verified** Price $650m cash, Q2 2027 expected close, Ophir Instruments and brand excluded, 10.3x (TTM, FY2027) and over 18x (MKS, FY2026): read in TTM's 8-K and press release and MKS's press release (SEC), and the multiples and pre-market moves (MKS +6.1%, TTM +6.4%) in Investing.com. TTM Q2: sales $1,004.1m vs $730.6m, adjusted EBITDA $166.8m, cash $507.9m, from its SEC release. MKS Q2: revenue $1,248m vs $973m, net income $175m, adjusted EBITDA $358m, Specialty Industrial $313m, cash $611m, from its SEC release and a Barchart copy. All percentages and implied earnings are our own working.

### Sources
- [TTM Technologies Form 8-K, 19 October 2026 (SEC)](https://www.sec.gov/Archives/edgar/data/0001116942/000119312526424707/d187690d8k.htm)
- [TTM Technologies press release, Exhibit 99.1 (SEC)](https://www.sec.gov/Archives/edgar/data/0001116942/000119312526424707/d187690dex991.htm)
- [MKS Inc. press release, Exhibit 99.1 (SEC)](https://www.sec.gov/Archives/edgar/data/0001049502/000119312526424709/mksi-ex99_1.htm)
- [Investing.com: MKS to sell Ophir Optics unit to TTM Technologies for $650M; shares rise](https://www.investing.com/news/stock-market-news/mks-to-sell-ophir-optics-unit-to-ttm-technologies-for-650m-shares-rise-4957449)
- [TTM Technologies Q2 2026 results (SEC Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/0001116942/000119312526336163/d132953dex991.htm)
- [MKS Inc. Q2 2026 results (SEC Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/0001049502/000119312526335274/mksi-ex99_1.htm)