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The cash proceeds improve liquidity and reduce leverage, which commonly supports valuation and could unlock capital for growth initiatives; market often rewards deleveraging and strategic refocus via multiple expansion, though Ophir's divestiture reduces a growth segment.
What happened, with direct paths to the underlying reporting
MKS announced a definitive agreement to divest Ophir Optics to TTM Technologies for $650 million in cash, with closing subject to standard adjustments. The deal implies an approximate 18x FY2026 Adjusted EBITDA for Ophir and signals a strategic shift to concentrate on MKSI's core enabling technologies. The transaction could bolster balance sheet and free capital for growth initiatives.
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