MKS Inc. agrees to sell Ophir Optics to TTM Technologies for $650 million

MKS Inc. (NASDAQ: MKSI) has entered into a definitive agreement to sell its Ophir Optics business to TTM Technologies, Inc. for $650 million in an all-cash transaction. The deal, subject to customary closing adjustments, values the unit at an estimated multiple of over 18 times projected fiscal year 2026 Adjusted EBITDA. The Ophir Optics division supplies high-precision infrared thermal imaging and laser optics solutions to customers in the specialty industrial market, with applications in defense, security, and industrial sectors.

TTM Technologies is a global manufacturer of technology products, including mission systems, radio frequency components, and advanced interconnect products such as printed circuit boards and substrates. John T.C. Lee, President and Chief Executive Officer of MKS Inc., stated that the transaction allows the company to capitalize on the value created by the Ophir Optics business and strengthen its balance sheet. Lee noted that TTM is well positioned to support the business in its next phase of growth.

The sale excludes the MKS Ophir Instruments laser characterization business, which operates separately from Ophir Optics. Ophir Instruments provides laser power measurement and beam profiler solutions that remain part of MKS's photonics portfolio. MKS stated there will be no impact on the products, services, or support provided to Ophir Instruments customers. The Ophir brand itself is not part of the sale.

The transaction is expected to close in the second quarter of 2027, contingent on customary closing conditions including regulatory approvals and governmental consents. J.P. Morgan Securities LLC is serving as the exclusive financial advisor, while Herzog Fox & Neeman is the lead legal advisor for MKS in connection with the deal.