TTM to Acquire MKS's Ophir Optics Business for About $650 Million

TTM Buys MKS's Ophir Optics Business in Major Deal, as High-End PCB Giant Enters the Race

On October 19, 2026, TTM Technologies announced that it has signed a definitive agreement with MKS to acquire its Ophir Optics business for approximately $650 million (about RMB 4.341 billion) in cash. The transaction is expected to close in the second quarter of 2027, subject to regulatory approvals and a series of administrative permits.

It should be noted that the transaction does not include MKS Ophir Instrumentslasercharacterization business, which operates independently of Ophir Optics, nor does it involve the sale of the Ophir brand.

Ophir Optics specializes in high-precision infrared thermal imaging and laser optics solutions, serving customers in defense, security and industrial markets. MKS acquired the Ophir business when it bought Newport Corp. for $980 million in 2016. Newport had previously acquired Ophir Optronic for $230 million in 2011. Over 15 years, the business changed hands three times, each time to a buyer occupying a very different position in the industry.

According to MKS, the $650 million purchase price represents more than 18 times Ophir Optics's fiscal 2026 adjusted EBITDA. TTM said in its announcement that the price is estimated at about 10.3 times Ophir Optics's fiscal 2027 adjusted EBITDA, excluding synergies.

Working backward, Ophir's fiscal 2026 adjusted EBITDA was approximately $36 million, while TTM expects its fiscal 2027 EBITDA to be about $63 million. In other words, the buyer's and seller's valuations of the same asset are separated by nearly a fiscal year's worth of profit, during which the asset's earnings power is expected to jump about 75%. The transaction gives MKS an opportunity to realize the value created by Ophir Optics and further strengthen its balance sheet.

In contrast to MKS's streamlining, TTM is currently expanding aggressively on the AI wave. TTM is a company focused on high-end PCBs, RF components and mission systems, and appointed Roks as president in the summer of 2025. Regarding the acquisition, Roks believes that, on the one hand, global surveillance demand is growing, and on the other, industrial applications of laser technology are becoming increasingly widespread. Against these two backdrop factors, TTM's acquisition of Ophir Optics adds advanced optical technology to the company's product portfolio, enabling it to offer more comprehensive system solutions to defense and industrial customers.

Notably, TTM has been active in M&A and capacity expansion since 2026. In June, it announced plans to acquire Switzerland's Swiss Technology Group and Germany's ILFA; in August, it announced the acquisition of Epiq Solutions for approximately $1.1 billion. On capacity, TTM has committed approximately $1.2 billion between 2025 and 2029 to expand data center and networking capacity, and in October 2026 announced an additional $400 million to expand AI server PCB capacity in China and Malaysia. On the defense side, Ultra-HDI investment at the Diamond plant alone exceeds $130 million. The company has now spent $650 million to acquire Ophir Optics.

Taking Ophir Optics's overall situation into account, in my view TTM's acquisition is not only aimed at bringing in advanced optical technologies, but may also reflect an interest in the geographic location of its production base.