$MKSI · MKS INC

MKS Inc. filed an 8-K announcing a definitive agreement to sell its Ophir Optics business to TTM Technologies for $650 million in an all-cash transaction. The deal values the unit at over 18x projected FY 2026 Adjusted EBITDA. The Ophir Instruments laser characterization business is carved out and stays with MKS. Closing is expected in Q2 2027, subject to regulatory approvals and customary conditions.

Extended-hours trading shows MKSI at $228.00, up 6.13% from the regular-session close of $214.83, indicating the market views the $650M divestiture at 18x+ EBITDA as value-accretive. The regular session had dropped 5.99% before the deal was announced.

A $650M all-cash divestiture at a premium 18x+ EBITDA multiple signals MKS is unlocking trapped value in non-core assets while sharpening its focus on semiconductor and electronics markets.

MKS is narrowing its focus to core semiconductor and electronics & packaging markets by divesting a defense/industrial optics unit. TTM gains infrared thermal imaging and laser optics capabilities that complement its existing RF and mission systems portfolio.

The transaction may fail to close if regulatory approvals or governmental consents are not obtained; either party's inability to meet closing conditions could scuttle the deal. Forward-looking statements caution that actual results may differ materially.