On November 2, 2026, Marvell Technology and Lumentum announced a definitive agreement for Marvell to acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion. The deal combines electrical and optical technologies for AI infrastructure.
Transaction Details and Terms
Under the terms of the agreement, Lumentum stockholders will receive a fixed exchange ratio of 4.500 shares of Marvell common stock for each share of Lumentum common stock they own. The transaction represents approximately $1,132 per share of Lumentum common stock, reflecting a premium of approximately 23.9% based on unaffected closing prices as of October 28, 2026.
Upon closing, current Marvell stockholders will own approximately 67% of the combined company on a fully diluted basis, while Lumentum stockholders will own approximately 33%. Matt Murphy will continue as Chairman and CEO of the combined company, and three members of Lumentum's Board of Directors will join Marvell's board.
Strategic Focus on AI Connectivity
The companies stated that the combination joins Marvell's electrical and optical interconnect, network switching, and custom XPU technologies with Lumentum's high-performance lasers, optical transceivers, and optical circuit switching capabilities. The combination is intended to create a broad full-stack connectivity portfolio addressing AI infrastructure requirements.
The transaction is expected to close in the first half of calendar year 2028, subject to stockholder approval, regulatory approvals, and customary closing conditions. Both companies hosted a joint conference call to discuss the announcement on November 2, 2026.
Key facts and where they come from
- Marvell has agreed to acquire Lumentum in an all-stock transaction.
Marvell Technology, Inc. (NASDAQ: MRVL) and Lumentum (NASDAQ: LITE) today announced that they have entered into a definitive agreement for Marvell to acquire Lumentum in an all-stock transaction.
- The transaction has an implied enterprise value of $115 billion for Lumentum.
The transaction has an implied enterprise value of $115 billion for Lumentum, representing approximately $1,132 per share of Lumentum common stock
- The transaction is expected to close in the first half of calendar year 2028.
The transaction is expected to close in the first half of calendar year 2028, subject to approval by Marvell and Lumentum stockholders, receipt of regulatory approvals and other customary closing conditions.
