Marvell, Lumentum tout historic $115B deal to create ‘category leader’ in AI connectivity
Marvell Technology will acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion. Announced November 2, 2026, the deal aims to merge complementary electrical and optical technologies to create a category leader in AI connectivity. Lumentum shareholders will receive 4.500 shares of Marvell common stock for each Lumentum share. The transaction is expected to close during the first half of 2028. Marvell CEO Matt Murphy described the acquisition as a once in a generation move to expand the company's AI data-center business.
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- ✓ Marvell and Lumentum entered a definitive agreement for an all-stock acquisition.
- ✓ The transaction has an implied enterprise value of $115 billion.
- ✓ Lumentum stockholders will receive 4.500 shares of Marvell common stock for each share of Lumentum common stock.
- ✓ The deal is expected to close during the first half of 2028.
What changed
Marvell and Lumentum announced a definitive agreement for an all-stock merger valued at $115 billion.
Live updates
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Marvell to Acquire Lumentum in $115 Billion AI Connectivity Deal
Marvell Technology will acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion. Announced November 2, 2026, the deal aims to merge complementary electrical and optical technologies to create a category leader in AI connectivity. Lumentum shareholders will receive 4.500 shares of Marvell common stock for each Lumentum share. The transaction is expected to close during the first half of 2028. Marvell CEO Matt Murphy described the acquisition as a once in a generation move to expand the company's AI data-center business.
Why it matters
The merger combines two AI enablers to address complex connectivity requirements in next-generation AI infrastructure. This full-stack portfolio is intended to enable high-volume production of pre-validated optical solutions. The deal follows Lumentum's growth from a $1 billion spinoff to this multi-billion dollar takeover.
What is confirmed
- Marvell and Lumentum entered a definitive agreement for an all-stock acquisition.
- The transaction has an implied enterprise value of $115 billion.
- Lumentum stockholders will receive 4.500 shares of Marvell common stock for each share of Lumentum common stock.
- The deal is expected to close during the first half of 2028.
- The acquisition aims to combine electrical and optical technologies for AI connectivity.
Still unconfirmed
- The purchase price is $100 billion.
What to watch next
- Market reaction to potential stock dilution concerns.
confidence 90%Sources used for this update (24)
- www.foxbusiness.com — Great Business Leaders in America & Around the World | Fox Business
- Reuters — Marvell to buy Lumentum in $115 billion deal in AI data-center bet
- WSJ — Chip Maker Marvell Agrees to Buy Lumentum in $80 Billion Deal
- CNBC — Marvell to buy Lumentum in all-stock deal, a massive bet on AI connectivity
- Fox Business — Marvell, Lumentum tout historic $115B deal to create ‘category leader’ in AI connectivity
- Los Angeles Times — Marvell to buy Lumentum in $115-billion deal to expand its AI business
- Yahoo Finance — Lumentum Goes From $1 Billion Spinoff to $115 Billion Takeover
- The New York Times — Driven by A.I. Boom, Marvell and Lumentum Announce $115 Billion Merger
- Reuters — Breakingviews - COMMENTARY: China adds latency to Marvell's optical mega-deal
- Yahoo Finance — Micron is the Real Loser in Lumentum Deal Which Assumes “Market Will Collapse in Two to Three Years”
- Bloomberg.com — Nvidia’s Huang Gave Blessing to Marvell-Lumentum Megadeal
- investor.marvell.com — Marvell and Lumentum to Combine, Creating a Category Leader ...
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