Marvell to acquire Lumentum in $115 billion all-stock deal

Santa Clara, 3 November 2026. Marvell Technology, Inc. (NASDAQ: MRVL) and Lumentum (NASDAQ: LITE) have entered into a definitive agreement for Marvell to acquire Lumentum in an all-stock transaction. Lumentum stockholders will receive a fixed exchange ratio of 4.500 shares of Marvell common stock for each share of Lumentum common stock they own.

The transaction has an implied enterprise value of $115 billion for Lumentum, representing approximately $1,132 per share of Lumentum common stock. That is a premium of approximately 23.9% based on each company's unaffected closing share price as of October 28, 2026, the last trading day before market speculation regarding a potential transaction began. Post-closing, current Marvell stockholders will own approximately 67% of the combined company on a fully diluted basis, while Lumentum stockholders will own approximately 33%.

The companies said growing bandwidth requirements and the physical limitations of copper-based connectivity are accelerating the transition toward optical technologies. The combination joins Marvell's electrical and optical interconnect, network switching, custom XPU and XPU attach and advanced semiconductor technologies with Lumentum's high-performance lasers, optical transceivers, optical circuit switching (OCS) and specialized compound semiconductor manufacturing.

Following closing, the combined company is expected to offer a portfolio spanning CMOS, silicon photonics, compound semiconductors, advanced packaging and manufacturing capabilities. The combination is intended to enable deeper integration and co-design across the electrical and optical signal chain, from distributed data centers to connections within advanced semiconductor packages.

The agreement has been unanimously approved by the boards of directors of both companies. Matt Murphy will continue as Chairman and CEO of the combined company. Three members of Lumentum's Board of Directors, including Lumentum CEO Michael Hurlston, will join Marvell's Board, which currently consists of seven directors.

"Joining Marvell creates a company uniquely positioned to capitalize on a market opportunity of $550 billion and generate significant, sustainable stockholder value," said Michael Hurlston, President and CEO of Lumentum. The transaction is expected to close in the first half of calendar year 2028, subject to approval by Marvell and Lumentum stockholders, receipt of regulatory approvals and other customary closing conditions.

Source: Marvell news