UNITED STATES OF AMERICA —TTM Technologies, Inc. has finalized its $1.1 billion cash purchase of EPIQ Design Solutions LLC, integrating open-architecture software-defined radios and space compute technologies into its defense hardware portfolio. The acquisition was funded through $1.1 billion in new incremental senior secured term loans alongside proceeds from a recent senior notes offering. Financially, the transaction is projected to provide immediate gains to adjusted EBITDA, with non-GAAP diluted earnings per share expected to experience slight dilution in 2027 before turning accretive in 2028.
This strategic move enhances vertical integration by combining circuit board manufacturing with specialized radio frequency systems for electronic warfare and signals intelligence applications. Acquiring modular, low-power spectrum technology enables faster delivery of integrated systems to defense and space markets, reducing dependencies on separate component vendors.
The defense electronics sector continues to see demand for open-architecture software and radio systems optimized for size, weight, and power. TTM Technologies, Inc. designs and manufactures printed circuit boards, microelectronic assemblies, and radio frequency components primarily for aerospace, defense, and commercial markets. EPIQ Design Solutions LLC develops software-defined radios and radiation-tolerant computing solutions for defense signals intelligence. The combined entity gains broader access to long-cycle defense programs across land, maritime, airborne, and space platforms.
For prime defense contractors and commercial customers, the consolidation points toward end-to-end suppliers capable of manufacturing both interconnect infrastructure and mission-critical radio frequency payloads. Capital markets and sector investors will monitor integration progress and leverage management as the company balances accretive EBITDA against debt servicing costs.
