# Marvell to acquire Lumentum in $115 billion all-stock AI-connectivity deal

> Marvell will combine its electrical and optical interconnect portfolio with Lumentum's lasers, transceivers and photonics manufacturing in a proposed all-stock acquisition targeted to close in the first half of 2028.

Source page: https://stoqly.net/news/marvell-lumentum-ai-connectivity-115-billion

- **Published:** 2026-11-08T09:09:00+00:00
- **Section:** In the news
- **Company:** Marvell Technology (MRVL), https://stoqly.net/companies/mrvl.md

Marvell Technology agreed on Nov. 2 to acquire Lumentum in an all-stock transaction that values Lumentum at an implied enterprise value of approximately $115 billion, according to filings by both companies and their joint release.

Lumentum stockholders would receive 4.5 shares of Marvell common stock for each Lumentum share. Based on the companies' stated terms, Marvell shareholders would own about 67% of the combined company after closing and Lumentum shareholders about 33%.

The strategic rationale is to combine Marvell's electrical and optical interconnect, switching and custom-silicon capabilities with Lumentum's lasers, optical transceivers, optical circuit switching and compound-semiconductor manufacturing. The companies said the combination is aimed at the rising bandwidth and energy-efficiency demands of AI infrastructure.

Management said the combined company could have more than $1 billion in annual run-rate cost synergies and a total addressable market of about $550 billion. Those are company estimates, and the transaction remains subject to shareholder, regulatory and other closing conditions.

**Why it matters** The deal would join electrical and optical technologies across the AI data-center connectivity stack, making scale, integration and manufacturing capacity central to the proposed combination.

- Implied enterprise value: $115B transaction value
- Exchange ratio: 4.5 MRVL per LITE share
- Post-close ownership: 67% / 33% Marvell / Lumentum
- Expected closing: H1 2028 subject to approvals

- [Marvell Form 8-K, filed Nov. 2, 2026](https://www.sec.gov/Archives/edgar/data/1835632/000119312526442717/0001193125-26-442717-index.htm)
- [Lumentum Form 8-K, filed Nov. 2, 2026](https://www.sec.gov/Archives/edgar/data/1633978/000119312526442758/0001193125-26-442758-index.htm)
- [Marvell and Lumentum joint release, Nov. 2, 2026](https://investor.marvell.com/_assets/_fe1fa82248ac6d1d9eb772cb4c3be236/marvell/news/2026-11-02_Marvell_and_Lumentum_to_Combine_Creating_a_1040.pdf)

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Written by Stoqly from SEC filings and market data. For information only — not investment advice or a recommendation to buy, sell or hold any security.