Marvell to acquire Lumentum in $115 billion all-stock AI connectivity deal
Lumentum shareholders will receive 4.5 Marvell shares per share, and the deal is expected to close in the first half of 2028 pending approvals.
Marvell announced on November 2, 2026 that it has agreed to acquire Lumentum at an enterprise value of $115 billion, including debt, according to TechCrunch. The all-stock transaction carries an equity value of about $80 billion.
Under the terms, Lumentum shareholders will receive 4.5 shares of Marvell common stock for each Lumentum share. Marvell said the acquisition is intended to create a leader in AI connectivity, with products spanning chips to data centers.
The transaction is expected to close in the first half of 2028, subject to shareholder and regulatory approvals.
Earlier Nvidia ties
Nvidia, a major shareholder in both companies, signed a multi-year contract in March 2026 to buy advanced laser components from Lumentum and invested $2 billion in the company. That same month, Marvell said it received a $2 billion investment from Nvidia to strengthen its optical networking and chip lineup.
For scale, Microsoft acquired Activision Blizzard for $68.7 billion in 2022, and Dell acquired EMC for $67 billion in 2016.
Quick answers
How much is Marvell paying for Lumentum?
The deal has an enterprise value of $115 billion, including debt, with an equity value of about $80 billion.
What will Lumentum shareholders receive?
They will receive 4.5 shares of Marvell common stock for each Lumentum share.
When is the Marvell-Lumentum deal expected to close?
In the first half of 2028, subject to shareholder and regulatory approvals.