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Marvell Agrees to Buy Lumentum in All-Stock Deal Valued at $115 Billion
Marvell agrees to buy Lumentum in an all-stock deal valued at $115 billion.
Key points
- Marvell will provide 4.5 of its common shares for each Lumentum share in the all-stock deal.
- The enterprise value of $115 billion includes debt, while the equity value is about $80 billion.
- The transaction is expected to close in the first half of calendar 2028, if shareholders and regulators agree.
Why it matters. Marvell says the combined company would become a leader in AI connectivity, with products ranging from chips to data centers, if the deal is approved.
Custom chip designer Marvell has signed a deal to acquire Lumentum, with an equity value of about $80 billion. Marvell will give 4.5 of its common shares for each Lumentum share, and the $115 billion enterprise value includes debt. Nvidia invested $2 billion in each company in March, and both companies share it as a major shareholder. The deal is expected to close in the first half of calendar 2028, subject to shareholder and regulatory approval.
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Marvell Agrees to Buy Lumentum in All-Stock Deal Valued at $115 Billion
Marvell has agreed to acquire Lumentum, an optical chip and networking equipment maker, in an all-stock transaction. The deal carries an enterprise value of $115 billion including debt. Its equity value is about $80 billion. TechCrunch reported the agreement on November 2, 2026. Nvidia is a strategic investor in both companies. The sources do not say when the deal is expected to close or what regulatory approvals it needs.