Marvell to Acquire Lumentum for $115 Billion in All-Stock Deal

What happened

On November 2, Marvell Technology said it would acquire optical components maker Lumentum in a $115 billion all-stock transaction. Under the terms, Lumentum shareholders will receive 4.5 shares of Marvell common stock for each Lumentum share, implying a value of approximately $1,132 per Lumentum share and an enterprise value of $115 billion; the offer represents a premium of approximately 23.9% based on the October 28 closing price, the last trading day before acquisition speculation emerged. Following completion, existing Marvell shareholders will own approximately 67% of the combined company and Lumentum shareholders the remaining 33%. The transaction is expected to close in the first half of 2028, subject to approval from shareholders of both companies and regulatory authorities. Marvell said the deal gives it access to optical technologies including co-packaged optics (CPO), vertically integrating its electrical and optical interconnect, network switching and custom accelerator (XPU) capabilities with Lumentum's high-performance lasers and optical transceiver technologies. Marvell's shares fell 13% on the news. Marvell's current chairman and CEO Matt Murphy will continue to lead the combined company, and three Lumentum directors, including CEO Michael Hurlston, will join Marvell's seven-member board.

Impact and signal

Affected components and suppliers

Source and time

Source: The Elec · 11/3/2026 · View original source