What happened
MKS Inc. (NASDAQ: MKSI) said it agreed to sell Ophir Optics to TTM Technologies, Inc. for $650 million in cash. The price is subject to customary closing adjustments. The purchase price represents an estimated multiple of over 18x projected FY 2026 Adjusted EBITDA for the Ophir Optics business. MKS said the transaction is expected to close in the second quarter of 2027 and remains subject to customary closing conditions, including certain regulatory approvals and certain governmental consents and permits.
The transaction does not include the MKS Ophir Instruments laser characterization business, which operates separately from Ophir Optics, or the Ophir brand. MKS said there will be no impact on the products, services and support it provides to Ophir Instruments customers. The company also said the sale is an opportunity to capitalize on the value created with Ophir Optics and further strengthen its balance sheet.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Transaction price | $650 million | SEC 8-K exhibit 99.1 | |
| Estimated valuation multiple | over 18x projected FY 2026 Adjusted EBITDA | SEC 8-K exhibit 99.1 | |
| Expected closing | second quarter of 2027 | SEC Form 8-K |
Read more: MKS (MKSI) stock analysis and investment case
Why it matters
The sale gives investors a concrete cash value for a business that MKS says serves defense, security and industrial applications. OptimistFi's comparison frames the price as over 18x projected FY 2026 Adjusted EBITDA, a valuation benchmark that investors can weigh against the business's projected earnings.
That said, the cash is not booked yet, and the filing says closing still depends on regulatory approvals and governmental consents and permits. The price is also subject to customary closing adjustments, so the final proceeds can change.
For OptimistFi's case, the deal supports the balance-sheet side of the story and leaves the rest of the business in place. It does not change the disclosed products, services or customer support for Ophir Instruments, so the operating story for the remaining company still matters.
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What's next
The next dated milestone is the expected closing in the second quarter of 2027. If the approvals and consents arrive, MKS should receive the cash proceeds from the transaction subject to the final adjustment mechanism.
If they do not, the deal stays open and the balance-sheet benefit does not arrive on that timetable.
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Sources
- SEC 8-K exhibit 99.1 — Press release announcing the agreement to sell Ophir Optics to TTM Technologies, Inc.
- SEC Form 8-K — Current report stating the transaction is expected to close in the second quarter of 2027.
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The full MKS Inc. investment case, its status and the next test to watch live on the MKS Inc. thesis page.
Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
