Marvell to Acquire Lumentum in All-Stock Deal Valued at $115 Billion Including Debt
TechCrunch reports the optical networking deal exchanges 4.5 Marvell shares for each Lumentum share and is not expected to close until the first half of 2028.
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Marvell Technology has agreed to acquire Lumentum, a maker of optical components and networking equipment, in an all-stock transaction with an enterprise value of $115 billion including debt, TechCrunch reported on November 2.
The terms
Marvell will issue 4.5 shares of its common stock for each Lumentum share. TechCrunch cited a Wall Street Journal report putting the equity value at about $80 billion. The companies expect the deal to close in the first half of calendar 2028, subject to approval by both sets of shareholders and by regulators.
Marvell said the combination would make it a leader in AI connectivity, with products that run from chips to data centers.
A shared investor
Nvidia holds stakes in both companies, according to TechCrunch:
- In March 2026, Nvidia invested $2 billion in Lumentum, tied to a multi-year agreement to buy Lumentum's advanced laser components and to support research and fab expansion.
- Later that month, Nvidia invested $2 billion in Marvell to strengthen its optical networking and chip portfolio.
Why it matters
TechCrunch described the transaction as one of the largest in tech history, comparing it with Microsoft's $68.7 billion purchase of Activision Blizzard in 2022 and Dell's $67 billion purchase of EMC in 2016.
Optical links move data between servers and across racks in AI data centers, and demand for them has grown with the build-out of large GPU clusters. Combining a chip designer with a laser and optics supplier would bring more of that connectivity stack under one company.
The long timeline to closing means the deal faces a lengthy review. Terms beyond those reported, including any termination fees or leadership arrangements, were not detailed in the TechCrunch report.
