MKS Inc. (NASDAQ: MKSI) has agreed to sell its Ophir Optics business to TTM Technologies in an all-cash transaction valued at $650 million, subject to customary closing adjustments, according to a company statement.

The purchase price represents an estimated multiple of over 18x projected fiscal year 2026 adjusted EBITDA for the Ophir Optics business. The transaction is expected to close in the second quarter of 2027, pending regulatory approvals and certain governmental consents and permits.

The Ophir Optics business supplies high-precision infrared thermal imaging and laser optics solutions to customers in defense, security, and industrial applications.

TTM Technologies is a manufacturer of technology products including mission systems, radio frequency components, RF microwave and microelectronic assemblies, and interconnect products such as printed circuit boards and substrates.

"This transaction represents an opportunity for MKS to capitalize on the value we've created with the Ophir Optics business and further strengthen our balance sheet," said John T.C. Lee, President and Chief Executive Officer of MKS Inc.

The sale does not include the MKS Ophir Instruments laser characterization business, which operates separately, or the Ophir brand name. MKS stated that customers of Ophir Instruments will see no impact on products, services, or support.

J.P. Morgan Securities LLC is serving as exclusive financial advisor and Herzog Fox & Neeman is serving as lead legal advisor to MKS in the transaction.