TTM to buy MKS's Ophir Optics for $650M cash at ~10.3x FY27 EBITDA, accretive to EPS

TTM TECHNOLOGIES INC

• All-cash $650M deal for Ophir Optics, an Israel- and Romania-based maker of high-precision infrared thermal imaging and laser optics for defense, security and industrial uses.
• Purchase multiple ~10.3x Ophir's expected FY2027 Adjusted EBITDA without synergies; TTM expects immediate accretion to Adjusted EBITDA margin and non-GAAP diluted EPS.
• Expected to close in Q2 2027, subject to customary closing conditions including certain regulatory approvals and governmental consents and permits.
• Funding from cash on hand, expected future cash flow and TTM's existing revolving credit facility, alongside its previously announced $400M Asia capacity expansion.
• Deal excludes MKS's Ophir Instruments laser characterization business and the Ophir brand; Citi is TTM's exclusive financial advisor, with Polsinelli and Arnon Tadmor-Levy as co-legal advisers.