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

MKS Inc. (MKSI) agreed to sell its Ophir Optics business to TTM Technologies, Inc. for $650 million in cash, a regulatory filing showed Monday.

The price is subject to customary closing adjustments. The transaction is expected to close in the second quarter of 2027.

The purchase price represents an estimated multiple of over 18 times projected fiscal 2026 Adjusted EBITDA for the Ophir Optics business. Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization as adjusted by the company, is a non-GAAP measure.

The company said the figure should be viewed in addition to, not as a substitute for, its results under U.S. generally accepted accounting principles. It is not providing a reconciliation of the projection to GAAP net income, because certain items cannot be estimated with reasonable certainty.

Ophir Optics provides high-precision infrared thermal imaging and laser optics solutions. The business serves customers in MKS’ Specialty Industrial market, across defense, security and industrial applications.

TTM is a leading global manufacturer of technology products, including mission systems, radio frequency components and microwave and microelectronic assemblies. It also makes interconnect products, including printed circuit boards and substrates.

The sale does not include the Ophir Instruments laser characterization business or the Ophir brand. Ophir Instruments provides laser power measurement and beam profiler solutions, and the company said there will be no impact on the products, services and support it provides to those customers.

“The Ophir Optics business highlights how we can apply our broad technology capabilities to serve attractive opportunities outside our core Semiconductor and Electronics & Packaging markets,” said President and Chief Executive Officer John T.C. Lee.

“This transaction represents an opportunity for MKS to capitalize on the value we’ve created with the Ophir Optics business and further strengthen our balance sheet,” Lee said.

Lee added that “we believe TTM is well positioned to support this business in its next phase of growth.”

The transaction is subject to customary closing conditions, including certain regulatory approvals and certain governmental consents and permits. The filing does not describe the status of those approvals.

J.P. Morgan Securities LLC is serving as exclusive financial advisor to MKS on the transaction. Herzog Fox & Neeman is serving as lead legal advisor.

The filing does not say how large the closing adjustments could be. MKS Inc. is based in Andover, Massachusetts.

The 8-K was signed by Executive Vice President and Chief Financial Officer Ramakumar Mayampurath.