Marvell Agrees to Acquire Lumentum in All-Stock AI Connectivity Deal

Marvell Technology and Lumentum said in a joint announcement on November 2, 2026, that they had entered a definitive agreement for Marvell to acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion, combining electrical and optical technologies for AI connectivity. Each Lumentum common share will convert into 4.500 Marvell common shares at closing, with cash paid in lieu of fractional shares.

The companies put the implied value at approximately $1,132 per Lumentum common share and the premium at approximately 23.9%, based on each company’s unaffected closing share price on October 28, 2026, the last trading day before market speculation about a potential transaction began. Current Marvell stockholders would own approximately 67% of the combined company on a fully diluted basis after closing, and Lumentum stockholders approximately 33%.

Both companies’ boards unanimously approved the agreement. The executed merger agreement, dated November 1, 2026, establishes a two-step structure using two wholly owned Marvell acquisition subsidiaries. The first subsidiary merges into Lumentum, which initially survives as a wholly owned Marvell subsidiary; that surviving corporation then merges promptly into…