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Marvell agreed to acquire optical-component maker Lumentum in an all-stock deal valued at $115 billion including debt. Lumentum shareholders will receive 4.5 Marvell shares per share, a 23.9% premium, and own about 33% of the combined company. The companies expect more than $1 billion in annual cost synergies, with the deal projected to close in the first half of 2028 and add to non-GAAP earnings in its first year. Marvell says the deal expands its addressable market to $550 billion as AI data centers increase demand for optical connectivity. Lumentum also forecast fiscal second-quarter revenue above analyst estimates.
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Marvell agreed to acquire Lumentum in an all-stock deal valued at $115 billion, with Marvell shareholders owning 67% of the combined company. The deal would unite Marvell’s chip business with Lumentum’s optical technology, which helps data centers move AI workloads faster. The acquisition reflects intensifying investment in AI infrastructure and follows Marvell’s purchase of photonics maker Celestial AI and Nvidia’s separate investment and collaboration agreement with Lumentum.
Marvell agreed to acquire Lumentum in an all-stock deal valued at $115 billion, with Lumentum shareholders receiving 4.5 Marvell shares per share. The companies aim to combine electrical and optical technologies, manufacturing capabilities and expertise to serve growing AI connectivity needs. The deal is expected to expand their addressable market to $550 billion, generate more than $1 billion in annual cost synergies and boost Marvell’s earnings per share in the first year after closing. Closing is expected in the first half of 2028, pending shareholder and regulatory approvals.