TTM Technologies to Acquire Epiq Solutions for $1.1 B to Bolster Defense RF Capabilities

TTMI agreed to acquire EPIQ Design Solutions from Veritas Capital for $1.1 billion in an all-cash transaction announced August 17, 2026. Founded in 2009, Epiq supplies open-architecture software-defined radios and embedded computing to commercial, government and defense customers, and the deal is framed as deepening TTM's radio-frequency capability.

The strategic logic is a move up the value chain. TTM's core business is printed circuit board and RF component manufacturing, where margins are set by capacity and price. Epiq sells software-defined radio systems, where the differentiation is design and software content. Buying that capability converts TTM from a supplier into a systems provider on programs where rapidly reconfigurable radio hardware is the scarce input.

Financing is committed from JPMorgan, Bank of America and Barclays, and the transaction is subject to customary regulatory conditions with closing expected by the end of 2026. Veritas is exiting through its Vantage strategy, a normal private-equity holding-period sale rather than a distressed disposal, which is consistent with the price paid.

For a company of TTM's size, $1.1 billion is a substantial commitment funded with debt, so the integration matters more than the strategic narrative. The case rests on Epiq's design content pulling through TTM manufacturing on defense programs, a synergy that is straightforward to describe and historically difficult to realize on schedule.

What to watch: disclosure of Epiq's revenue and margin contribution, the leverage profile once the committed financing is drawn, regulatory clearance timing against the year-end target, and evidence of cross-selling into existing defense programs after close.

Related Stocks

• TTMI