GoKawiilMarvell to acquire Lumentum in all-stock deal valued near $115 billion
Marvell Technology announced an all-stock acquisition of optical components maker Lumentum, with shareholders set to receive 4.5 Marvell shares per Lumentum share. The deal carries an implied enterprise value of $115 billion and is expected to close in the first half of 2028. Shares of both companies fell in premarket trading following the announcement.
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The deal signals Marvell's bet that optical connectivity will become central to AI infrastructure as chipmakers seek faster ways to link processors for training large language models, according to CEO Matt Murphy. It follows Marvell's earlier purchase of optical interconnect startup Celestial AI, suggesting a broader strategy to build out optical capabilities alongside its electrical chip business. The scale of the transaction, coming amid investor worries about AI infrastructure spending sustainability, could be seen as a test of how much confidence markets still have in continued AI buildout.
- Lumentum shareholders will receive 4.5 Marvell shares per share in an all-stock deal.
- The transaction has an implied enterprise value of $115 billion and is expected to close in the first half of 2028.
- Both companies' shares fell in premarket trading, even as Marvell continues to expand its AI optical connectivity portfolio after acquiring Celestial AI.
Source: cnbc.com — Samantha Subin, 2026-11-02
Published there as: “Marvell to buy Lumentum in all-stock deal, a massive bet on AI connectivity”
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