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Marvell Technology Plans $115 Billion All-Stock Acquisition of Lumentum
Marvell Technology plans a $115 billion all-stock acquisition of photonics firm Lumentum to strengthen its AI networking business.
Key points
- The all-stock deal is valued at $115 billion and is due to close in the first half of 2028.
- Traditional copper wire can only maintain a 400 Gbps signal over about 1.25 meters, while photonics can reach kilometers.
- Marvell paid about $3.5 billion in February 2026 for photonic interconnect developer Celestial AI.
Why it matters. The deal could make Marvell a one-stop shop for AI infrastructure providers' photonics needs as rack systems grow larger and rely more on optical interconnects.
Marvell Technology plans to acquire photonics maker Lumentum in an all-stock deal valued at $115 billion, expected to close in the first half of 2028. The deal would fill gaps in Marvell's portfolio, including high-performance laser sources, optical transceivers, optical circuit switches and indium phosphide compound semiconductor manufacturing. The source text says optics are needed as copper interconnects hit limits beyond 400 Gbps per lane, since copper carries such a signal only about 1.25 meters.
Latest updates
Marvell Technology Plans $115 Billion All-Stock Acquisition of Lumentum
Marvell Technology plans to acquire photonics company Lumentum in an all-stock transaction valued at $115 billion. The company is betting that demand for optical networking will grow sharply as AI infrastructure expands. Marvell says the acquisition would fill several key gaps in its photonics portfolio. The gaps include high-performance laser sources and optical transceivers. The move comes as Nvidia and others look to build larger AI systems that require faster optical connections.
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.