MKS Inc. to Sell Ophir Optics Business to TTM Technologies for $650M Cash

Transaction Overview

On October 19, 2026, MKS Inc. (NASDAQ: MKSI) entered into a definitive agreement to sell its Ophir® Optics business to TTM Technologies, Inc. (NASDAQ: TTMI) for $650 million in cash, subject to customary closing adjustments.

Valuation and Deal Metrics

• Purchase Price: $650 million all-cash.
• Multiple: Represents an estimated multiple of over 18x projected FY 2026 Adjusted EBITDA for the Ophir Optics business.
• Retained Assets: The transaction explicitly excludes MKS's Ophir Instruments laser characterization business and does not include the Ophir brand itself.

Strategic Rationale & Market Impact

• Focus on Core Markets: The divestiture enables MKS to harvest value from its defense/security-oriented specialty industrial optics segment while sharpening focus on its core Semiconductor and Electronics & Packaging markets.
• Deleveraging / Capital Allocation: Proceeds are slated to enhance liquidity and further strengthen MKS's balance sheet.
• Timeline & Conditions: The deal is slated to close in the second quarter of 2027, subject to regulatory clearances and governmental consents.