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

The companies announced the agreement on November 2, 2026.[1] Under its terms, Lumentum shareholders would receive 4.5 shares of Marvell common stock for each Lumentum share, an exchange ratio implying approximately $1,132 per Lumentum share.[1] The offer represents an approximately 23.9% premium to the companies’ unaffected closing share prices on October 28, 2026.[1] After closing, current Marvell shareholders are expected to own approximately 67% of the combined company on a fully diluted basis, with Lumentum shareholders owning approximately 33%.[1]

Marvell brings electrical and optical interconnect, network switching, custom XPU and XPU attach, and advanced semiconductor technologies to the combination.[1] Lumentum contributes high-performance lasers, optical transceivers, optical circuit switching and specialized compound semiconductor manufacturing.[1] The companies expect the combined portfolio to span CMOS, silicon photonics, compound semiconductors, advanced packaging and manufacturing capabilities.[1] They say the deal is intended to enable deeper integration and co-design across the electrical and optical signal chain.[1] CNBC notes that scale-up technology needs semiconductors and optical technology to work seamlessly together.[2]

Marvell and Lumentum say the combination is expected to expand the combined company’s total addressable market to $550 billion and offers a line of sight to more than $1 billion in annual run-rate cost synergies.[1] Marvell expects the deal to be accretive to its non-GAAP earnings per share in the first year after closing.[1] Those are company expectations, not outcomes already achieved. Marvell also maintained the midpoint of its prior guidance while narrowing the expected range to plus or minus 2%, from plus or minus 5%.[1]

The transaction is subject to approval by both companies’ shareholders, regulatory approvals and other customary closing conditions.[1] The companies expect it to close in the first half of calendar 2028.[1] Marvell Chairman and CEO Matt Murphy is expected to continue leading the combined company as chairman and CEO, while three Lumentum directors, including CEO Michael Hurlston, are expected to join Marvell’s board.[1] CNBC reported that Marvell shares fell 13% in Monday trading and Lumentum shares fell nearly 19%.[2] Bloomberg described the transaction as one of the largest technology deals in history.[3]