TTM Technologies Completes $1.1 Billion Epiq Cash Deal
The electronics manufacturer closed its purchase of the software-defined radio maker to add long-cycle Aerospace & Defense capabilities.
TTM Technologies, Inc. (TTMI) completed its acquisition of EPIQ Design Solutions LLC for $1.1 billion in cash, adding a management team and a profitable business focused on critical technologies in the long-cycle Aerospace & Defense end market.
The deal brings strategic and complementary capabilities that TTM expects will bolster its long-term growth strategy.
Epiq is a provider of open-architecture, AI-enabled software-defined radios, high-performance RF products and radiation-tolerant space compute solutions supporting mission-critical signals intelligence and electronic warfare applications. TTM, a global manufacturer of mission systems, RF components, RF microwave/microelectronic assemblies and advanced interconnect products, including printed circuit boards and substrates, framed the purchase as a step in its “up the chain” vertical integration across land, air, sea and space.
The combination provides complementary offerings that enable full command of the RF spectrum through small-form-factor, software-driven solutions, and brings technologies optimized for size, weight and power rooted in open architectures for defense and commercial markets.
Financing was committed from JPMorgan, Bank of America and Barclays, subject to customary conditions. TTM estimated a synergy-adjusted transaction multiple of 17.4 times expected Adjusted 2027 EBITDA. The deal is expected to be immediately accretive to Adjusted EBITDA margin and accretive to Non-GAAP diluted EPS during 2028. At close, TTM estimated total net leverage of 2.3 times and expects to reduce that to a range of 1.5 times to 1.7 times within 12 to 18 months.
Guggenheim Securities, LLC served as exclusive financial advisor and Polsinelli PC as exclusive legal adviser to TTM.
President and Chief Executive Officer Edwin Roks said the close is an exciting moment as TTM welcomes a strong management team and a profitable, well-established business that provides innovative capabilities for A&D customers and bolsters the overall technology portfolio. He had previously described the planned purchase as highly strategic and an important step in executing the company’s long-term growth strategy.
The acquisition follows TTM’s June 2026 intent to buy privately held Swiss Technology Group AG and ILFA GmbH in Europe, deals that would establish its European footprint and add long-cycle PCB and materials capabilities in medical and Aerospace & Defense. The Epiq close strengthens TTM’s financial model by adding a projected high-margin, long-cycle business, and projected dry powder remains to invest in other strategic opportunities in its end markets.