The Ophir Optics sale announced on October 19, 2026, would transfer MKS Inc.’s precision-optics business to TTM Technologies for $650 million in cash, subject to customary closing adjustments. The companies have signed a definitive agreement, but completion is expected in the second quarter of 2027 and remains subject to approvals and other closing conditions.
Key Takeaways
- The cash purchase price exceeds 18 times Ophir Optics’ projected fiscal 2026 adjusted EBITDA.
- MKS will retain the separate Ophir Instruments business and the Ophir brand.
- Regulatory approvals and governmental consents remain conditions of the expected Q2 2027 closing.
Table of Contents
- Ophir Optics sale targets a balance-sheet benefit
- The optics business changes hands, but the brand stays
- Completion still depends on approvals
- Conclusion
Ophir Optics sale targets a balance-sheet benefit
MKS’ definitive sale announcement sets the estimated transaction multiple at more than 18 times the business’s projected fiscal 2026 adjusted EBITDA. That is a forward-looking, non-GAAP earnings measure, not a multiple based on completed full-year results.
MKS Chief Executive Officer John T.C. Lee said the transaction offers an opportunity to capitalize on the value created in Ophir Optics and further strengthen the company’s balance sheet. The announcement did not specify how the cash proceeds would be allocated.
MKS shares rose 6% in premarket trading following the announcement. That move was not a regular-session closing return.
| Item | Details |
|---|---|
| Seller | MKS Inc., listed on Nasdaq under MKSI |
| Buyer | TTM Technologies |
| MKS financial adviser | J.P. Morgan Securities LLC, acting exclusively |
| MKS lead legal adviser | Herzog Fox & Neeman |
The optics business changes hands, but the brand stays
Ophir Optics supplies high-precision infrared thermal imaging and laser optics for defense, security and industrial applications. Those capabilities would join TTM’s technology portfolio, which includes mission systems, radio-frequency components and advanced interconnect products.
The agreement excludes both the Ophir brand and MKS’ separately operated Ophir Instruments laser characterization business. Ophir Instruments supplies laser power measurement and beam profiler solutions that MKS describes as core to its photonics portfolio.
For customers, that distinction defines the scope of the transaction: MKS said there would be no impact on the products, services or support it provides to Ophir Instruments customers.
Completion still depends on approvals
The expected second-quarter 2027 closing remains conditional on customary requirements, including certain regulatory approvals and governmental consents and permits. Signing the agreement therefore does not mean ownership has transferred.
The $650 million headline price is also subject to customary closing adjustments. Neither the final consideration nor completion should be treated as settled before those conditions are satisfied.
Conclusion
The agreement would monetize Ophir Optics while leaving MKS’ laser characterization business and the Ophir brand intact. The next milestone is satisfaction of the required approvals and closing conditions ahead of the expected second-quarter 2027 completion.
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