TTM Technologies

S&P has cut the outlook for TTM Technologies from "positive" to "stable" and affirmed the issuer rating at BB after TTM announced the acquisition of Epiq Solutions for $1.1 billion. The agency expects the deal to be largely debt-financed and to push pro forma leverage at the end of 2026 into the upper-2x area; in 2027 S&P expects leverage to fall back to the upper-1x area as business performance and EBITDA margins improve. S&P projects nearly 50% revenue growth for 2026 and warns that further debt-funded acquisitions or market downturns could lead to a downgrade, while a sustained reduction of adjusted net leverage below 2x could allow for an upgrade. » Altro su de.investing.com

Moody's affirms TTM Technologies' Ba2 corporate family rating and upgrades the outlook from stable to positive, while confirming the Ba1 rating for the secured bank facility and the Ba3 rating for unsecured notes. The upgrade is driven by strong revenue and profitability growth, supported by high demand for AI-enabled computing and networking in data centers and continued demand from aerospace and defense. Moody's expects 2026 revenues in the mid-$4 billion range (versus about $2 billion in 2024) and sees TTM able to keep leverage below 2.5x EBITDA despite recent acquisitions. Further rating upside depends on sustainable revenue growth, margin expansion and a stably low leverage; deterioration would be prompted by sustained declines in revenue or margins or leverage above 4.0x EBITDA. » Altro su de.investing.com

TTM Technologies agreed to acquire Epiq Solutions for $1.1 billion in cash, financed with debt and committed financing from major banks, with closing expected in Q4 2026 subject to regulatory approval. The deal adds radio-frequency and digital signal-processing products for communications, radar, electronic warfare, missile defense, GPS and low‑Earth‑orbit applications; Epiq is forecast to generate about $160 million of revenue in 2027 with mid-30% EBITDA margins. TTM expects roughly $9 million of annual synergies, immediate adjusted EBITDA-margin accretion and non-GAAP EPS accretion in 2028, and projects net leverage to fall from about 2.3x at closing to 1.5x–1.7x within 12–18 months. » Altro su finance.yahoo.com