GoKawiilMarvell to acquire Lumentum in $115B all-stock deal
Marvell has agreed to acquire optical chip and networking equipment maker Lumentum in an all-stock transaction valued at $115 billion including debt, with an equity value of roughly $80 billion. Under the terms, Marvell will exchange 4.5 shares of its stock for each Lumentum share, with the deal expected to close in the first half of 2028 pending shareholder and regulatory approval.
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The deal ranks among the largest in tech history, surpassing Microsoft's Activision Blizzard purchase and Dell's EMC acquisition, and could reshape the optical networking and AI infrastructure landscape. Nvidia's prior $2 billion investments in both companies suggest the chipmaker has a strategic interest in the combined entity's AI connectivity ambitions, though its direct role in this merger is not stated. Marvell's stated goal of becoming a leader in AI connectivity hinges on successfully integrating Lumentum's optical hardware with its chip design business.
- Marvell will pay 4.5 shares of its stock per Lumentum share in an all-stock deal worth $115B enterprise value.
- Nvidia had separately invested $2 billion each in Lumentum and Marvell earlier this year, tying the two companies together before the merger.
- The acquisition, expected to close in H1 2028, aims to position Marvell as a leader in AI connectivity hardware.
Source: techcrunch.com — Julie Bort, 2026-11-02
Published there as: “In one of the largest deals in tech history, Marvell buys Lumentum for $115B”
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