TTM continues acquisition streak with $650 million deal for Ophir Optics
TTM Technologies has agreed to acquire the Ophir Optics business from MKS for around USD 650 million in cash. Ophir Optics makes infrared thermal imaging and laser optics, and the deal adds optical components to TTM’s defence and industrial offering.
It is TTM’s latest move in an intense year. In June, the company announced the acquisitions of Swiss Technology Group and Germany’s ILFA, and opened a USD 130 million Ultra-HDI PCB plant in Syracuse, New York. In October, it closed the USD 1.1 billion acquisition of Epiq Solutions, and a week ago it announced a USD 400 million investment in AI PCB capacity in China and Malaysia.
Ophir Optics is based in Israel and Romania and serves defence, security and industrial customers, according to a press release from TTM. The purchase price corresponds to roughly 10.3 times Ophir Optics’ expected adjusted EBITDA for 2027, excluding synergies.
“This acquisition adds another important modality to our product offering with advanced optics to provide systems solutions to our defence and industrial customers, which will help us to benefit from key megatrend tailwinds generated by the growing need for surveillance and the increasing use of laser applications by the industrial base,” says Edwin Roks, President and CEO of TTM.
TTM will finance the acquisition, along with the Asia expansion, with cash on hand, future cash flow and borrowings under its existing revolving credit facility.
The deal does not include MKS’ Ophir Instruments business for laser characterisation, which is run separately, or the Ophir brand itself. The acquisition is expected to close in the second quarter of 2027, subject to regulatory approvals and government consents.
