TTM Technologies, Inc. announced on October 19, 2026, that it has entered into a definitive agreement to acquire the Ophir Optics business from MKS Inc. The transaction is an all-cash deal valued at approximately $650 million, subject to customary closing adjustments.
Ophir Optics is an Israel and Romania-based manufacturer specializing in high-precision infrared thermal imaging and laser optics solutions. The company serves defense, homeland security, and industrial applications. TTM stated that the acquisition does not include the Ophir Instruments laser characterization business or the sale of the Ophir brand.
The transaction is expected to close in the second quarter of 2027. TTM indicated that the deal is expected to be immediately accretive to both its Adjusted EBITDA Margin and Non-GAAP Diluted EPS. The company estimated the transaction multiple to be roughly 10.3x the expected FY 2027 Adjusted EBITDA of Ophir Optics, without synergies.
TTM plans to fund the acquisition through a combination of cash on hand, expected future cash flow, and borrowings under its existing revolving credit facility. The company also noted that it has previously announced a $400 million capital and capacity expansion in Asia.
TTM’s President and CEO, Edwin Roks, stated that the acquisition will enhance the company’s portfolio with mission-critical optical solutions for land, air, maritime, and unmanned platforms. He noted the deal will help TTM benefit from the growing need for surveillance and the increasing use of laser applications in the industrial base.
Citi is serving as the exclusive financial advisor to TTM, while Polsinelli PC and Arnon, Tadmor-Levy are serving as co-legal advisers.
