TTM Technologies, Inc. Completes Acquisition of Epiq Solutions, Enhancing TTM’s Strategic A&D Portfolio

Borrowing proceeds also funded acquisition-related fees and adjustments.

Rhea-AI Summary

TTM Technologies (NASDAQ: TTMI) has completed its acquisition of Epiq Solutions in an all-cash transaction valued at $1.1 billion. The price is subject to customary closing adjustments. Epiq supplies software-defined radios, radio-frequency products and radiation-tolerant space computing solutions for signals intelligence and electronic warfare applications.

TTM expects the acquired business to immediately increase adjusted EBITDA, an adjusted earnings measure, moderately dilute non-GAAP diluted earnings per share in 2027, and increase that measure in 2028. The purchase was funded with portions of proceeds from a $300 million incremental senior secured term loan A, an $800 million incremental senior secured term loan B and previously issued 6.750% senior notes due 2034. The incremental term loans closed concurrently with the acquisition.

3 points · 0 major

MixediHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointCompleted Epiq acquisition adds a profitable business and complementary aerospace and defense technologies.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Adjusted EBITDA contribution from Epiq is expected to be immediately accretive.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Non-GAAP diluted EPS contribution from Epiq is expected to be accretive in 2028.

Negative

• Moderate point$1.1 billion all-cash purchase carries customary closing adjustments. 8.5% of market cap
• Moderate point$300 million incremental senior secured term loan A adds debt to finance the acquisition. 2.3% of market cap
• Moderate point$800 million incremental senior secured term loan B adds debt to finance the acquisition. 6.2% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Non-GAAP diluted EPS contribution from Epiq is expected to be moderately dilutive in 2027.
• Minor point6.750% senior notes due 2034 provided additional debt financing for the purchase.

Key Figures

Acquisition price: $1.1 billion Incremental term loan A: $300 million Incremental term loan B: $800 million +4 more

Acquisition price

$1.1 billion

All-cash transaction, subject to customary closing adjustments

Incremental term loan A

$300 million

Used in financing the acquisition

Incremental term loan B

$800 million

Used in financing the acquisition

Senior notes

6.750%; due 2034

Proceeds from the previously disclosed completed offering contributed to funding

Adjusted EBITDA contribution

Immediately accretive

Expected contribution from the acquired business

Non-GAAP diluted EPS impact

Moderately dilutive

2027

Non-GAAP diluted EPS impact

Accretive

2028

Previous Acquisition Reports

1 past event · Latest: Aug 17

Same Type 1 event

1. Aug 17

   Epiq acquisition agreement

   24h Move

   +0.7%

   TTM announced the $1.1 billion Epiq deal and expected 2028 non-GAAP diluted EPS accretion.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

software-defined radios, signals intelligence, electronic warfare, non-gaap diluted eps, +1 more

5 terms

software-defined radios technical

"provider of open-architecture, AI-enabled software-defined radios"

A radio system that uses software running on processors or programmable chips to perform functions traditionally done by fixed hardware parts (like filters, modulators and mixers). Think of it like replacing a shelf of single-purpose appliances with a smartphone app that can mimic them: the same device can be reconfigured to work with different frequencies, protocols or features through software updates. For investors, that flexibility affects product development speed, upgrade cycles, manufacturing scale and the ability to serve multiple markets with one platform.

signals intelligence technical

"supporting mission-critical signals intelligence and electronic warfare applications"

Signals intelligence is the collection and analysis of information from intercepted electronic transmissions — such as phone calls, radio messages, radar emissions, and digital data streams — to understand intentions, capabilities or activities. For investors it matters because changes in signals intelligence capabilities or exposure can shift government defense spending, create regulatory or legal risks for technology companies, and reveal cybersecurity vulnerabilities that could affect a firm’s value, much like overhearing a conversation can change how you act.

electronic warfare technical

"signals intelligence and electronic warfare applications"

Electronic warfare involves using technology to disrupt, deceive, or disable an opponent’s electronic systems, such as communication networks, radar, or navigation signals. It is like jamming or scrambling a radio or GPS to prevent others from receiving clear information. For investors, it matters because advances in electronic warfare can impact military capabilities, influence global security, and affect the stability of markets and technological investments.

non-gaap diluted eps financial

"moderately dilutive to non-GAAP diluted EPS in 2027"

Non-GAAP diluted EPS (Earnings Per Share) is a measure of a company's profit allocated to each share of stock, calculated using adjusted earnings that exclude certain items like one-time expenses or gains. It provides a view of ongoing performance by removing irregular or non-recurring factors. Investors use it to better understand the company's core profitability and compare performance across different periods or companies.

senior secured term loan financial

"$300 million incremental senior secured term loan A"

A senior secured term loan is a type of borrowing where a company borrows money and promises to pay it back over a fixed period, with the loan secured by the company's assets as collateral. Because it is "senior," it has priority over other debts if the company faces financial trouble, and being "secured" means lenders have a claim on specific assets. For investors, this makes the loan a safer and more predictable investment compared to unsecured or subordinate debts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SANTA ANA, Calif., Sept. 30, 2026 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI) ("TTM"), a leading global manufacturer of technology products, including mission systems, radio frequency ("RF") components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including printed circuit boards ("PCBs") and substrates, announced today that it has completed its acquisition of EPIQ Design Solutions LLC ("Epiq"), a premier provider of open-architecture, AI-enabled software-defined radios (“SDRs”), high-performance RF products and radiation-tolerant space compute solutions supporting mission-critical signals intelligence and electronic warfare applications.

Through the close of the transaction, TTM adds a talented management and operational team focused on critical technologies in the long-cycle Aerospace & Defense end market, with strategic and complementary capabilities that TTM expects will bolster TTM’s long-term growth strategy. The addition of Epiq adds:

• Highly complementary technology offerings that enable full command of the RF spectrum through small-form-factor, software-driven solutions;
  
  
• Accelerated momentum to TTM’s “up the chain” vertical integration strategy across land, air, sea, and space domains through multiple defense and commercial expansion opportunities;
  
  
• Cutting edge technologies optimized for size, weight, and power (SWaP) rooted in open architectures supporting defense and commercial markets
  
  

Financial contributions from the newly acquired Epiq business are expected to be immediately accretive to adjusted EBITDA, moderately dilutive to non-GAAP diluted EPS in 2027, and accretive to non-GAAP diluted EPS in 2028.

“The completion of the Epiq acquisition is an exciting moment for TTM as we welcome a very strong management team and a profitable, well-established business that provides innovative capabilities for our A&D customers and bolsters our overall technology portfolio,” said Edwin Roks, President and Chief Executive Officer of TTM Technologies.

Terms of the Transaction & Financing
The purchase of Epiq was completed as an all-cash transaction for $1.1 billion, subject to certain customary adjustments at closing. TTM funded the purchase price, including all related fees and adjustments, from (i) a portion of the proceeds of borrowings from a $300 million incremental senior secured term loan A and $800 million incremental senior secured term loan B and (ii) a portion of the proceeds from the previously disclosed completed offering of TTM’s 6.750% senior notes due 2034. The closing of the incremental term loans occurred concurrently with the completion of the Epiq acquisition.

Guggenheim Securities, LLC served as the exclusive financial advisor and Polsinelli PC served as exclusive legal adviser to TTM for the acquisition of Epiq.

About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. TTM stands for time-to-market, representing how TTM's time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Safe Harbor Forward-Looking Statements
This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM's current expectations, and TTM does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM's products, market pressures on prices of TTM's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM's dependence upon a small number of customers, and other factors set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of TTM’s public reports filed with the SEC.

Contact:

Sean K.F. Hannan,
Vice President, Investor Relations
Sean.Hannan@ttmtech.com
+1 339 466 7737

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did TTM Technologies pay for Epiq Solutions?

TTM completed the Epiq acquisition for $1.1 billion in cash, subject to customary closing adjustments. Portions of proceeds from incremental senior secured term loans and previously issued senior notes funded the purchase price, related fees and adjustments.

How does TTM expect the Epiq acquisition to affect earnings?

TTM expects Epiq to immediately increase adjusted EBITDA, moderately dilute non-GAAP diluted earnings per share in 2027 and increase non-GAAP diluted earnings per share in 2028. These are expected contributions rather than reported earnings results.