$TTMI · TTM TECHNOLOGIES INC
TTM Technologies filed an 8-K reporting the September 30, 2026 closing of its $1.1 billion all-cash acquisition of EPIQ Design Solutions LLC (Epiq Solutions), a provider of AI-enabled software-defined radios, high-performance RF products, and radiation-tolerant space compute solutions for A&D. The purchase was funded through a Third Amended and Restated Credit Agreement providing a $300 million incremental Term Loan A and an $800 million incremental Term Loan B, plus proceeds from TTM's previously disclosed 6.750% senior notes due 2034. Epiq is expected to be immediately accretive to adjusted
- TTM acquired Epiq Solutions for $1.1 billion in an all-cash transaction, closed September 30, 2026.
- Epiq provides AI-enabled software-defined radios, RF products, and radiation-tolerant space compute solutions for A&D.
- Acquisition funded via $300M Term Loan A, $800M Term Loan B, and proceeds from 6.750% senior notes due 2034.
- Epiq expected to be immediately accretive to adjusted EBITDA, moderately dilutive to non-GAAP EPS in 2027, accretive in 2028.
- Third Amended and Restated Credit Agreement adds $1.1B in incremental facilities with first-priority security interests.
Stock up +1.90% since filing ($120.55 at filing vs. $122.84 current after-hours), suggesting the market views the Epiq acquisition and financing structure as manageable despite the significant debt load.
A $1.1B all-debt-funded acquisition that reshapes TTM's A&D portfolio but loads the balance sheet — investors need to weigh immediate EBITDA accretion against 2027 EPS dilution.
The acquisition deepens TTM's push into defense electronics, adding software-defined radios and space-qualified compute — capabilities that complement peers like Mercury Systems and L3Harris in the RF/EW supply chain.
The $1.1B all-debt financing adds substantial leverage — $300M Term Loan A plus $800M Term Loan B plus 6.750% senior notes. EPS dilution in 2027 means near-term earnings pressure. Integration risk for a tuck-in A&D acquisition with different technology (SDRs, space compute) than TTM's core PCB/inter
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