MKS Agrees To Sell Ophir Optics To TTM Technologies For $650 Million In Cash
The deal prices the business at over 18x projected 2026 adjusted EBITDA, and MKS keeps Ophir Instruments and the Ophir brand.
MKS agreed to sell its Ophir Optics business to TTM Technologies for $650 million in cash, the company said in an 8-K filed Monday. The deal is expected to close in the second quarter of 2027.
What the filing says
The price is subject to customary closing adjustments. MKS said in its press release that it equals an estimated multiple of over 18x projected 2026 adjusted EBITDA for Ophir Optics. EBITDA is earnings before interest, taxes, depreciation and amortization.
Ophir Optics supplies high-precision infrared thermal imaging and laser optics to customers in MKS' Specialty Industrial market, serving defense, security and industrial applications. The buyer, TTM, makes mission systems, radio frequency components, microwave and microelectronic assemblies, and interconnect products such as printed circuit boards and substrates.
The sale leaves out the Ophir Instruments laser characterization business, which operates separately, and the Ophir brand. MKS said Ophir Instruments provides laser power measurement and beam profiler products, and that its customers will see no change in products, services or support.
What it changes for MKS
CEO John T.C. Lee, who is also MKS' president, said the business shows how MKS can apply its technology to opportunities outside its core Semiconductor and Electronics & Packaging markets. He said the sale lets MKS "capitalize on the value we’ve created" and "further strengthen our balance sheet."
MKSI shares closed at $214.83 on Friday, down about 6%. The stock had closed at $228.52 before that session.
The filing does not tie that move to the announcement, which came Monday.
What to watch
Closing requires certain regulatory approvals and certain governmental consents and permits. MKS expects the sale to close in the second quarter of 2027.
The second quarter of 2027 is the closing target MKS gave, and the approvals and permits are what stand between now and then.
Sources
- 8-K Filing — MKS INC (MKSI) — SEC EDGAR
- Exhibit mksi-ex99_1.htm — MKS INC 8-K exhibit — SEC EDGAR
