Marvell agrees to buy Lumentum in $115 billion all-stock deal

Marvell Technology has agreed to acquire Lumentum in an all-stock transaction with an implied enterprise value of about $115 billion. Lumentum shareholders will receive 4.500 Marvell shares for each Lumentum share, implying about $1,132 per share and a premium of roughly 23.9% to unaffected prices on October 28, 2026. Existing Marvell shareholders are expected to own about 67% of the combined company.

The companies said the combination addresses the growing connectivity needs of AI infrastructure as systems adopt more optical technologies. They expect a full-stack connectivity portfolio and identified more than $1 billion in potential annual run-rate cost synergies, with the deal expected to be accretive to non-GAAP EPS in the first year after completion. The combined business targets a total addressable market of about $550 billion.

Matt Murphy will remain Chairman and CEO of Marvell, and three Lumentum board members, including CEO Michael Hurlston, are expected to join Marvell's board. Both boards approved the deal, which is expected to close in the first half of 2028, subject to shareholder approvals and regulatory clearances. Qatalyst Partners, J.P. Morgan and Goldman Sachs advised Marvell, while Citigroup and Evercore advised Lumentum.