Marvell to acquire Lumentum for $115 billion

Marvell has signed a deal to acquire Lumentum, a manufacturer of optical chips and networking equipment, in an all-stock transaction. The acquisition carries an enterprise value of $115 billion, including debt, with an equity value of approximately $80 billion. Under the terms of the agreement, Lumentum shareholders will receive 4.5 shares of Marvell common stock for each share held.

This transaction ranks among the largest acquisitions in the technology sector, surpassing historical deals such as Microsoft's purchase of Activision Blizzard. Both companies share Nvidia as a primary strategic investor; Nvidia previously invested $2 billion into each firm earlier this year to support advancements in optical R&D and chip production.

Marvell aims to leverage the acquisition to expand its reach in AI connectivity and data center infrastructure. The deal is expected to close in the first half of 2028, pending approval from regulators and the companies' respective shareholders.