Marvell agrees to acquire Lumentum in a $115 billion all-stock transaction

Why it matters

The transaction would give Marvell a broader electrical and optical connectivity portfolio for AI infrastructure, while Lumentum holders would exchange their shares for Marvell stock and own approximately 33% of the combined company. Marvell and Lumentum expect the deal to be accretive to Marvell’s non-GAAP earnings per share in the first year after closing, subject to required approvals.

Key facts

• 1Lumentum investors will receive 4.500 shares of Marvell common stock for every Lumentum share they own, under the all-stock agreement valued at $115 billion in implied enterprise value. investor.marvell.com
• 2The exchange values Lumentum at approximately $1,132 per share and represents an approximately 23.9% premium based on the companies’ unaffected October 28 closing prices. investor.marvell.com
• 3After completion, existing Marvell investors are expected to hold approximately 67% of the combined company, with Lumentum investors holding approximately 33%. investor.marvell.com
• 4The companies expect the combination to provide more than $1 billion in annual run-rate cost synergies and to increase Marvell’s non-GAAP earnings per share in the first year after closing. investor.marvell.com

Open questions

• The expected closing period is inconsistent across materials: material 3 reports H1 2028, while material 4 reports H1 2027; the transaction also remains subject to approvals.