TTM Technologies to Buy MKS's Ophir Optics Infrared Unit for $650 Million; TTM Shares Rise 5.6%

TTM Technologies agreed on Oct. 19 to acquire Ophir Optics from MKS Inc. for about $650 million in cash, subject to customary closing adjustments, according to both companies' announcements. Ophir Optics is an Israel and Romania-based manufacturer of high-precision infrared thermal imaging and laser optics, selling into defense, security and industrial markets. MKS keeps the separate Ophir Instruments laser-measurement business and the Ophir brand.

The two sides framed the price differently. TTM put it at about 10.3 times Ophir Optics' expected fiscal 2027 adjusted EBITDA before synergies and said the deal should be immediately accretive to adjusted EBITDA margin and non-GAAP diluted EPS. MKS said the sale price represents more than 18 times projected fiscal 2026 adjusted EBITDA, implying the unit's earnings are expected to grow quickly. Neither release disclosed revenue for the business. Closing is expected in the second quarter of 2027, subject to regulatory approvals.

TTM plans to fund the purchase from cash on hand and future cash flow. MKS said the proceeds will further strengthen its balance sheet without specifying uses.

TTMI closed up 5.56% at $99.10 on Oct. 19, a move Investing.com tied partly to the deal and partly to a broader tech rebound and TTM's Oct. 22 earnings call. MKS closed up 0.27% at $215.41 after an early pre-market gain faded. TTM's results this week are the next chance to hear how Ophir fits its aerospace and defense push.