--- title: "TTM Technologies borrowed $1.6 billion to buy Epiq Solutions in a deal it calls dilutive to 2027 earnings" description: "TTM Technologies closed its $1.1 billion Epiq Solutions purchase on roughly $1.6 billion of new borrowing, and its own guidance calls the deal dilutive to 2027 earnings. Alembic's $236 target and a congressman's Navy-award headlines sit on top of that ledger." publisher: "The Inference" section: "Deals" published: 2026-10-11T17:21:50.419Z modified: 2026-10-11T17:21:50.419Z canonical: https://theinference.org/article/ttm-technologies-borrowed-1-6-billion-to-buy-epiq-solutions-in-a-deal-it-calls-dilutive-to-2027-earnings language: en keywords: "M&A, Debt, Defense, Aerospace, Earnings" --- # TTM Technologies borrowed $1.6 billion to buy Epiq Solutions in a deal it calls dilutive to 2027 earnings > TTM Technologies closed its $1.1 billion Epiq Solutions purchase on roughly $1.6 billion of new borrowing, and its own guidance calls the deal dilutive to 2027 earnings. Alembic's $236 target and a congressman's Navy-award headlines sit on top of that ledger. ## The bulls priced the boom first Alembic Global Advisors [opened coverage on October 5 at Overweight, target $236](https://www.ad-hoc-news.de/boerse/news/nebenwerte/ttm-technologies-stock-gets-a-usd-236-price-target-from-alembic/70249275), 78 percent above that day's $132.71 close, citing AI demand and aerospace-and-defense growth through fiscal 2028 [1]. Lone Pine Capital added 2.74 million shares in the June quarter, an estimated $512 million stake [2]. The six-firm consensus is Moderate Buy at $203 [3]. The quarter behind them was real: $1.0 billion in sales, up 37.4 percent, on a 1.49 book-to-bill [1]. ## $1.1 billion out, $1.6 billion borrowed [TTM](https://theinference.org/markets/companies/ttm-technologies) closed Epiq Solutions on September 30, $1.1 billion in cash for a maker of AI-enabled software-defined radios used in signals intelligence and electronic warfare [4]. It is TTM's third announced deal this year, after Swiss Technology Group in Zurich and ILFA in Hannover [5]. The money came from a $300 million incremental term loan A, an $800 million seven-year term loan B and part of [$500 million of 6.750 percent senior notes due 2034](https://theinference.org/article/ttm-armed-a-seven-week-self-destruct-on-500-million-of-notes-epiq-closed-in-time): roughly $1.6 billion of borrowing tied to a $1.1 billion check [4][2]. The new facilities carry a [first-priority claim on substantially all of TTM's assets](https://kalkinemedia.com/us/news/announcements/ttm-technologies-finalizes-11-billion-acquisition-of-epiq-solutions-and-secures-new-credit-agreement) [6]. *Chart: **New financing tied to the Epiq close totals $1.6B against a $1.1B price** Bar chart comparing the three financing pieces tied to the Epiq closing with the purchase price* *US$ millions. Incremental senior secured term loans closed with the acquisition on September 30, 2026; 6.750% senior notes priced September 2026. Sources: TTM press release via Markets Insider; Quiver Quantitative; Kalkine Media. [2][4][6]* ## The guidance nobody quotes TTM's [own release](https://markets.businessinsider.com/news/stocks/ttm-technologies-inc-completes-acquisition-of-epiq-solutions-enhancing-ttm-s-strategic-a-d-portfolio-1036587347) calls Epiq immediately accretive to adjusted EBITDA, moderately dilutive to non-GAAP earnings in 2027, accretive in 2028 [4]. The borrowing lands on a balance sheet that had barely moved in three years: debt sat near $1.0 billion for twelve straight quarters while quarterly revenue climbed from $573 million to $1.0 billion [7]. *Chart: **Revenue climbed 75% in three years on a flat $1.0B debt load** Line chart of quarterly revenue and total debt, Q3 2023 to Q2 2026* *Quarterly net revenue and total debt, US$ billions, Q3 2023 through Q2 2026, from TTM's SEC filings. The Epiq financing closed after Q2 2026 and is not in the series. Source: SEC filings. [7]* ## Six percent of somebody else's radar Representative Joe Courtney's [October 5 release](https://www.quiverquant.com/news/Press+Release:+Joe+Courtney+Highlights+Connecticut+Defense+Contract+Awards+for+TTM+Technologies+and+Electric+Boat) credits TTM's Stafford Springs plant with 6 percent of a $511 million SPY-6 radar award, after 6 percent of a $1.809 billion award in July, about $139 million combined at full value [8]. A federal-award tracker recorded $28.9 million of payments to TTM over the past year [2]. A supplier's slice, not a prime's franchise. ![The AN/SPY-6 air and missile defense radar array on a ground test bed](https://storage.googleapis.com/theinference-public/img/d27369391d8ca258.jpg) *The AN/SPY-6 air and missile defense radar, proof-tested off Hawaii in 2017. TTM's Stafford Springs plant was credited with 6 percent of a $511 million SPY-6 award, per Representative Joe Courtney's October 5 release. (U.S. Navy)* ## Two buys against 241 sales Insiders filed 243 trades in six months: two purchases, 241 sales [2]. Chief Executive Edwin Roks bought 10,000 shares at $111.77 in August, about $1.1 million; one senior vice president alone sold $3.7 million at $142 [3]. The cadence, two dozen sales per executive, suggests scheduled plans more than a rush for the exits. ## The November 4 test TTMI closed October 9 at $121.01 [4], 46 percent under its 52-week high and still 54 times trailing earnings [3], after a 7.7 percent one-day slide on October 8 that tracked the leverage question [2]. Needham cut its target from $220 to $175 on September 21 [3]. Q3 results land November 4 against a $1.10–1.14 billion sales guide [1]. The accretion is a 2028 story; the interest bill starts now. ## Takeaway TTM's $1.6 billion of new borrowing dwarfs the $1.1 billion Epiq check, its own guidance puts the earnings accretion in 2028, and the November 4 quarter is the first test of the interest bill. ## Sources 1. [AD HOC NEWS, "TTM Technologies stock gets a USD 236 price target from Alembic", 7 October 2026](https://www.ad-hoc-news.de/boerse/news/nebenwerte/ttm-technologies-stock-gets-a-usd-236-price-target-from-alembic/70249275) 2. [Quiver Quantitative, "TTM Technologies slides as investors weigh acquisition-related debt amid a broader semiconductor selloff", 8 October 2026](https://www.quiverquant.com/news/TTM+Technologies+slides+as+investors+weigh+acquisition-related+debt+amid+a+broader+semiconductor+selloff) 3. [MarketBeat, "TTM Technologies, Inc. (NASDAQ:TTMI) Stock Has Average Price Target of $203.00", 11 October 2026](https://www.marketbeat.com/instant-alerts/consensus-ttm-technologies-inc-nasdaq-ttmi-stock-has-average-price-target-of-20300-2026-10-11/) 4. [Markets Insider (GlobeNewswire), "TTM Technologies, Inc. Completes Acquisition of Epiq Solutions, Enhancing TTM's Strategic A&D Portfolio", 30 September 2026](https://markets.businessinsider.com/news/stocks/ttm-technologies-inc-completes-acquisition-of-epiq-solutions-enhancing-ttm-s-strategic-a-d-portfolio-1036587347) 5. [Evertiq, "TTM closes $1.1 billion acquisition of Epiq Solutions", 9 October 2026](https://evertiq.com/news/2026-10-09-ttm-closes-11-billion-acquisition-of-epiq-solutions) 6. [Kalkine Media, "TTM Technologies Finalizes $1.1 Billion Acquisition of Epiq Solutions and Secures New Credit Agreement", 30 September 2026](https://kalkinemedia.com/us/news/announcements/ttm-technologies-finalizes-11-billion-acquisition-of-epiq-solutions-and-secures-new-credit-agreement) 7. [TTM Technologies, quarterly figures from its SEC filings, retrieved 11 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001116942) 8. [Quiver Quantitative (CongressRadar), "Press Release: Joe Courtney Highlights Connecticut Defense Contract Awards for TTM Technologies and Electric Boat", 5 October 2026](https://www.quiverquant.com/news/Press+Release:+Joe+Courtney+Highlights+Connecticut+Defense+Contract+Awards+for+TTM+Technologies+and+Electric+Boat) --- TTM Technologies borrowed $1.6 billion to buy Epiq Solutions in a deal it calls dilutive to 2027 earnings — The Inference. Canonical: https://theinference.org/article/ttm-technologies-borrowed-1-6-billion-to-buy-epiq-solutions-in-a-deal-it-calls-dilutive-to-2027-earnings