Marvell Technology agreed on November 2 to acquire Lumentum in an all-stock deal valued at about $115 billion. Lumentum shareholders get 4.5 Marvell shares per share, roughly $1,132 each and a 23.9% premium to the unaffected price. Marvell holders would own about 67% of the combined company and Lumentum holders about 33%.
The companies pair Marvell's electrical and optical interconnect, switching and custom silicon with Lumentum's lasers, optical transceivers and optical circuit switching. They estimate a $550 billion addressable market and more than $1 billion in annual cost synergies.
Matt Murphy stays as chairman and CEO, and three Lumentum directors, including CEO Michael Hurlston, join Marvell's seven-member board. Closing is expected in the first half of 2028, pending shareholder approvals and regulatory clearances.