MKS Agrees to Sell Ophir Optics to TTM in $650 Million Cash Deal

MKS Inc. agreed to sell its Ophir Optics unit to TTM Technologies for $650 million in cash, transferring a business that serves defense, security and industrial customers.

The companies are targeting a close in the second quarter of 2027, subject to regulatory approvals and other customary conditions.

Ophir Optics provides high-precision infrared thermal imaging and laser optics solutions. The transaction excludes Ophir Instruments, MKS’ separate laser-characterization business, and the Ophir brand.

MKS’ price calculation values Ophir Optics at more than 18 times its projected adjusted EBITDA for fiscal 2026. TTM uses a different period: Its estimate is about 10.3 times expected fiscal 2027 adjusted EBITDA, before synergies.

MKS President and CEO John T.C. Lee said the sale would “further strengthen our balance sheet.”

TTM plans to fund the purchase with cash on hand, expected future cash flow and borrowings under its existing revolving credit facility. The purchase comes alongside TTM’s planned $400 million capacity expansion in Asia.