Marvell agrees to buy Lumentum in all-stock deal valued at $115 billion

The chip designer is buying the optical laser and transceiver maker to combine electrical and optical connectivity for AI data centres. The deal is expected to close in the first half of 2028.

Marvell Technology has signed a definitive agreement to acquire Lumentum in an all-stock transaction, paying 4.5 Marvell shares for each Lumentum share. The companies put the implied enterprise value at $115 billion, or about $1,132 per Lumentum share.

That is a premium of about 23.9 percent over Lumentum's closing price on 28 October 2026, before market speculation began. TechCrunch puts the equity value at about $80 billion. Marvell shareholders will own about 67 percent of the combined company and Lumentum shareholders about 33 percent. Matt Murphy stays on as chairman and CEO, and three Lumentum directors, including CEO Michael Hurlston, will join Marvell's seven-member board. Closing requires approval from both sets of shareholders and regulators. NVIDIA invested $2 billion in Marvell in March 2026, and TechCrunch reports a $2 billion NVIDIA investment in Lumentum the same month.

TechCrunch called it one of the biggest acquisitions in tech history. The companies said the limits of copper are accelerating a shift toward optical technology in AI infrastructure, which they said requires closer co-design of electrical and optical technology.

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